While most “Old Wall” investors pray for the Powell Fed to goose “stocks” higher with another rate cut, Hedgeye CEO Keith McCullough has a warning: Be careful what you wish for.

McCullough explains why rate cuts (or as we affectionately call it at Hedgeye, “more cowbell”) could actually make the situation worse, not better.

“When [the Fed] goes to the third rate cut, that’s really bad. If they go to a third one, it's because the economic scenario looks exactly like how we’ve depicted it to be [growth and inflation slowing in the U.S. and globally], and it could easily be depicted as a bad thing,” explains McCullough.

“But it’s not bad for the things that you are long of, which include Utilities making all-time highs, Gold looking great, and Treasuries.”

Watch the full clip above for more.

Why (Another) Rate Cut Could Be A Bad Thing - the macro show