[MAI Strategist: The Fed Warns Against Taking Rate Cuts for Granted] Chris Grisanti, Chief Market Strategist at New York-based MAI Capital Management, pointed out that while interest rates have been lowered as expected, the tailwind effect of rate cuts heading into 2026 will no longer be reliable. The Fed's revised wording emphasizes the uncertainty surrounding the 'magnitude and timing' of future rate cuts, essentially signaling to the market not to take rate cuts for granted. Grisanti believes that only a significant economic slowdown would lead to more rate cuts, and he would prefer a stable economy over additional rate cuts.