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I think the risk for markets is that the S&P 500 is already trading at 20x forward earnings. The long bond is already below 4%. The S&P 500 is already at levels last achieved when the Fed Funds rate was close to zero, the Fed was printing money like crazy, the US government was doling out handouts to all and sundry, and the US economy was enjoying one of the strongest economic recoveries in the post WW2 period. And to the extent interest rates go lower it will be because growth is slowing down considerably and most Wall Street forecasts are pencilling in 10%+ EPS growth for the S&P 500 in 2024 and a lot faster growth for Mag7 and the like. Also the Fed seem to make it up as they go along. While I wouldn't discount a political motivation for promising rate cuts in an election year especially with a lot of government debt requiring refinancing, they will look very stupid if inflation increases in 2024 and they try to go ahead with rate cuts.