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The Federal Reserve's interest rate cut, aimed at supporting a weakening labor market, unexpectedly ignited a broad market rally. This fueled a surge across assets, including junk bonds and unprofitable tech stocks, pushing global equities to record highs and credit spreads to 1998 levels. The move marked the strongest cross-asset surge since 2021, signaling a shift from fear to greed in investor sentiment.

Prepared by Christopher Adams and reviewed by editorial team.