Hartnett, a well-known strategist at Bank of America, pointed out that the current market reaction to the Federal Reserve's 50 basis point rate cut seems to be following the playbook of "soft rate cuts" or "panic rate cuts". US stocks and credit markets are digesting the expectation of a 250 basis point Fed rate cut by the end of 2025 and an 18% increase in S & P 500 earnings. "The risk is not much better, so investors are forced to chase" the rally, and "bubble risk" is making a comeback. As for the reasons for this carnival rise, Hartnett explained in his latest report that when there is no panic (at least not yet), Wall Street likes "panic rate cuts" the most. At the same time, the Fed wants to cut interest rates by 50 basis points so that real interest rates can fall from their highest levels this century and prevent layoffs in the small business sector, which is already in recession.