'Wonderful Christmas gift': Fed's surprise rate-cut plan springs hope of 2024 biotech market rebound - Endpoints News

Though Christ­mas is right around the cor­ner, the long biotech win­ter may soon be over.

The Fed­er­al Re­serve an­nounced Wednes­day it plans to cut in­ter­est rates three times next year, set­ting the stage for the first cuts since it be­gan rais­ing rates in ear­ly 2022 and open­ing the door for biotech’s long-await­ed come­back.

Years of high in­ter­est rates have been a sig­nif­i­cant ob­sta­cle to rais­ing mon­ey and clos­ing IPOs since the pan­dem­ic boom cooled down in ear­ly 2022. The Fed’s an­nounce­ment brought a lev­el of op­ti­mism un­seen since then to a sec­tor be­set by lay­offs and falling val­u­a­tions.

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