Goldman Sachs reports that prominent strategist Hartnett has pointed out that the current market reaction to the Federal Reserve's 50 basis point rate cut seems to be following the script of a "soft landing" or "panic rate cut". The US stock and credit markets are digesting the expectation of the Fed cutting rates by 250 basis points by the end of 2025, as well as an 18% increase in earnings for S&P 500 constituents. "Risk hasn't gotten any better, so investors are forced to chase" gains, "bubble risk" is returning. Hartnett explained the reason for this euphoric rise in his latest report by saying that when there is no panic (at least not yet), Wall Street loves "panic rate cuts". Meanwhile, the Fed wants to cut rates by 50 basis points so that real interest rates can fall from their highest level this century, preventing layoffs in the already recession-stricken small business sector.