Morning Stock Talk - Nolte: Looking for effects of Fed cuts

With the Fed behind this market for a couple of months, "it's going to be important now in this nine month cycle of interest rate cuts to start seeing the effects coming through in the economy." So says Paul Nolte, the director of investments at Hinsdale Associates. He tells Steve Potisk today's ISM data was a little better than expected, yet there "are still some things of concern from an economic perspective" like higher inflation and rising inventories. Nolte is watching to see whether consumers "spend the money to draw down that inventory."

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Dow Jones' MarketWatch Morning Stock Talk discusses the big stock movers, economic data and investment trends with Wall Street's top analysts, strategists and traders. Hear about what's driving the stock market from those in the know..