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Portfolio manager already seeing effects of rate cut

Reuters Videos
Updated

STORY: :: Lisa Bernhard, Reuters

:: Liz Miller, president, Summit Place Financial Advisors

"We know the biggest hamper [to the housing market] has been mortgage rates," said Miller. "That translates into construction rates for builders, too. So 50 basis points yesterday certainly, immediately, loosens that a little bit."

Speaking with Reuters' Lisa Bernhard, Miller discussed Thursday's stock market "euphoria" in the wake of the first Fed cut.

High-flying tech stocks gained, but so too did the broader market.

"We're seeing today financials responding really beautifully," she said. "We've seen home builders and REITS responding in this area. And that's not just anticipation [of lower rates]. That is very real value that comes from lower interest rates."