What does it mean to pivot?
Merriam-Webster defines pivoting as:
1) to turn on or as if on a pivot [not very helpful, in my view -JD]
2) to adapt or improve by adjusting or modifying something (such as a produce, service or strategy)
Wall Street has been debating the pivot question for a while now. Traders are wondering not only when the Federal Reserve (Fed) pivot will arrive, but exactly what counts as a pivot. Does the Fed have to stop raising interest rates all together or do they have to actually cut the fed funds rate to have pivoted? What if the Fed simply hikes interest rates less than the 0.75% it has over the past several meetings … does that count?