The Fed surprised markets with a sharp pivot on 2024 rate cuts. Here's how Wall Street is changing its forecasts.

• The Fed's nod towards interest rate cuts sparked a sea change on Wall Street last week.
• The question about rate cuts from the Fed changed to a matter of when in 2024, not if.
• Wall Street forecasters are starting to pencil-in more easing and expect it to happen earlier in the year.

The Federal Reserve's nod toward a coming dovish pivot last Wednesday sparked a sea change on Wall Street, as investors panic-bought stocks and forecasters penciled-in just how many interest rate cuts could be on the table for 2024.