Fed Rate-Cut Winners Index Falls 1.79% to 88.51

The selloff is notable less for its size than for its timing and breadth: the index held flat into the Fed's announcement, then weakened through the session, with banks and a consumer-discretionary name falling together rather than in isolated pockets. That pattern suggests the decision landed short of what rate-cut beneficiaries had positioned for, a read-through for the regional lenders and cyclicals most sensitive to the easing path. Whether the weakness reflects a one-session repricing or the start of a broader reassessment of the easing outlook is the open question.