Survey Says: Expect More Interest Rate Cuts
Live Blog Update #2 Published
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A CNBC survey of economists predicts that the Federal Reserve will lower interest rates by 0.25% at its meeting this week, and furthermore cut two times after that — in December and then again in January 2026. 92% of economists surveyed expect the first cut to happen this week.
Weaker than expected inflation in September, combined with multiple reports of layoffs at a range of large American companies threaten to slow the economy, and make it easier for the Fed to justify stimulative reductions in interest rates to head off a slowdown.
The Voo remains in positive territory after this report, up 0.1%.
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Commercial food supplier and S&P 500 component company Sysco Corp. (NYSE: SYY) beat earnings by three cents this morning, reporting fiscal Q1 earnings of $1.15 per share. Revenue also edged out expectations at $21.1 billion.
Sysco forecast that full-year fiscal 2026 adjusted earnings will range from only $4.50 to $4.60 per share, however, which at the midpoint misses the consensus forecast by about one cent.
Consequently, Sysco stock is down 1.3% this afternoon, while the Voo as a whole is now up 0.3%.
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OpenAI announced this morning it has successfully restructured itself into a nonprofit to be called the OpenAI Foundation, owning in turn a for-profit public benefit corporation, OpenAI Group PBC.
The foundation’s 26% stake in OpenAI Group PBC is said to be worth $130 billion, similar to the $135 billion, 27% stake owned by Microsoft, and employees and other investors own the remaining 47%.
Add it all up, and the OpenAI Group PBC appears to be worth about $500 billion currently, and is now in a position where it could potentially IPO.
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