Salman Ahmed, global head of macro and strategic asset allocation at Fidelity International, has warned investors not to trust the recent Stock Market Rally. He believes that the rally is not based on fundamental changes and that more problems lie ahead as interest rates rise and impact the real economy. Despite this warning, the pan-European Stoxx 600 index is on track for its best weekly performance since March, and the Dow Jones Industrial Average had its best day since June. Investors have interpreted the Federal Reserve's rate hold as a sign that rate cuts are possible, although Fed Chair Jerome Powell has not ruled out further rate hikes.

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