as for historical comparison, market tends to rise, as bond yields rise with it as a easing cycle gets underway. eventually bond yields rise to a point that a competition occurs for moneyflows. With 4.6% on the 30 year. This buys significant amount of time for equities on a longer term timescale to move up. usually around 8% on the 30 year, people start reassessing moneyflow ratios between credit/equities.
O.K. Wall Street has its "preemptive rate cut" - to keep it in FED language. So what´s next ? Funny part of the story : yesterdays GDP figures. Imagine you´re reading newspapers in the U.S. ! Economy growing over 3.5 % and FED´s lowering rates in order to "stimulate" it ! Ha, ha, ha... You have to be long this market, even though inflation doesn´t seem to be a problem with oil hovering around 96 per barrel. Recalling good old days when treasury traders would have punished this kind of FED policy by massive decline in prices and not only a lousy couple of ticks...