We do not plan to make material changes to our fair value estimate for the narrow-moat financial services firm.
We are lowering our fair value estimate for the wide-moat firm.
The wide-moat firm had a solid third quarter, and we are increasing our fair value estimate to $114.
We still view at least one or two more cuts over the next year as the most likely outcome.
We are incorporating three rate cuts (including this one) through 2020 into our bank forecasts.
The release put slowing household spending in the spotlight, supporting the case that the economic picture remains mixed.