Federal Reserve Chair Jerome Powell at a news conference following a Federal Open Market Committee meeting in Washington, DC, on December 10. Al Drago/Bloomberg/Getty Images New York —

Wall Street got the rate cut it wanted. But with the Federal Reserve set to take a more cautious approach to trimming interest rates in 2026, investors are now left to wrestle with other concerns that had been put on the back burner while Fed rate cuts were top of mind.

The Fed’s three consecutive cuts in September , October and December helped markets climb higher and look past nerves about artificial intelligence and uncertainty about tariffs .

With Fed Chair Jerome Powell telegraphing that rate cuts might be on pause for a while, Wall Street’s focus is turning elsewhere. And uncertaint

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