"The Pulse" -- #119 / Rate Cut Incoming?

Recruiting Timeline:

Banking:

Where We’re At:

• SA 2027: Nothing new until mid-September!

• SA 2026: McLean Group, CRC-IB, Credit Agricole, and Alantra opened apps this week. 125 firms are recruiting for SA 2026

• FT 2026: Gordian Group and Oppenheimer opened their apps. 52 firms are actively recruiting for FT 2026. Internships ended, return offers were distributed, and the floodgates for FT apps opened  

• If you need some interview support or just need a place to vent, check out our Coaching Program: Coaching for banking, consulting, and buyside recruiting | The Pulse. 95%+ of those coached for the summer 2026 recruiting season received offers!

New SA 2026 Applications:

• McLean Group: LMM M&A (SA 2026)

• CRC-IB: IB arm of CohnReznick (SA 2026)

• Credit Agricole: Large French bank (SA 2026)

• Alantra: Tech IB (SA 2026)

New FT 2026 Applications:

• Gordian Group: Distressed / Rx Boutique (FT 2026)

• Oppenheimer: Solid Boutique (FT 2026)

See below to gain access to our premium database, updated weekly, which houses the application processes for over 300+ banks/consulting/buyside firms! Gain an edge over everyone else by not having to spend countless hours tracking applications and deadlines.

Consulting:

Where We’re At:

• Firms are continuing to release applications and will do so through the end of the Fall.

SA 2026 released apps:

• HKA - Summer Associate (SA 2026)

• Redstone Strategy Group - Summer Analyst (SA 2026)

• Triangle Insights - Strategy Analyst Intern (SA 2026)

• Tuscany Strategy Consulting - Summer Analyst (SA 2026)

• Strategy& - Deals Strategy Intern (SA 2026)

SA 2027 released apps:

• PWC - Audit/Deals Intern (SA 2027)

FT 2026 released apps:

• HKA - Associate Consultant (FT 2026)

• Triangle Insights - Strategy Analyst (FT 2026)

• Capgemini - Associate Consultant (FT 2026)

• Council Advisors - Business Analyst (FT 2026)

• Tuscany Strategy Consulting - Analyst (FT 2026)

• Deloitte - Business Strategy Analyst (FT 2026)

Buyside:

Where We’re At:

• SA 2026: Cedar Square, Aquarian, NewSpring Capital, and more opened their apps this week. Currently, 138 buyside firms are recruiting for SA 2026 seats 

New SA 2026 released apps:

• Cedar Square: REPE (SA 2026)

• NewSpring Capital: LMM PE (SA 2026)

• BrightSpire: RE Debt (SA 2026)

• Lord Abbet & Co.: Investment Management (SA 2026)

• Aquarian: Insurance Investment Management (SA 2026)

The database is updated weekly and contains 300+ Investment Banking and Consulting internships/full-time positions along with:

• Interview tips for specific companies

• Interview prep material

• Applications and deadlines linked so that you can apply with one click

• Insider information about the application process

• Professionals to network with

• Buyside deadlines, interview prep, and people to network with for the sweatiest of students

We send the updated dataset every week with the latest banking and consulting job postings. We released our 119th update today.

Students we have been helping have already landed roles at Blackstone, Goldman, J.P. Morgan, Jefferies, Citi, and Solomon.

To get access to the database and the weekly updates, you make a one-time investment of $50 Credit Card / Debit Card: (ThePulsePrep 25% SALE—Stripe.com) that grants you annual access to the updated database (please reach out for additional payment options). If you don’t find our services helpful, we simply ask for feedback on an area we can improve upon and will refund your $50.

This is a small investment for a huge payout when you secure your dream offer!

Premium Database——>Database for banking, consulting and buyside roles | The Pulse 

Market Update: 

Rate Cut Incoming?

The Fed is standing at a crossroads. After two years of keeping rates high to fight inflation, the latest jobs report (which showed only 22,000 new payrolls in August) has shifted the narrative. At this point, it’s not about whether the Fed will cut rates at its September meeting, but by how much and what it means for markets going forward.

Markets are already fully pricing in a rate cut in September. The baseline expectation is 25 basis points, but with such a weak jobs number, some investors think there’s a chance the Fed goes bigger with 50 basis points.

The logic is pretty simple: job growth is cooling, wage pressures are easing, and inflation has been drifting closer to target. That gives them space to start dialing back policy from restrictive to supportive. The most likely path from here is a gradual easing cycle that could stretch well into 2026. It is unlikely the Fed will slam the brakes all the way down, though. If they cut too aggressively, they risk reigniting inflation.

Equity markets had a pretty quick reaction. As soon as the report dropped, Treasury yields fell, and equities rallied. But the gains weren’t spread evenly across the market:

1. Tech and Growth Stocks – These names are the biggest winners when rates fall. Lower discount rates make future cash flows look more valuable, which benefits long-duration assets like software and AI companies.

2. Cyclical Sectors – Industrials, banks, and consumer discretionary stocks have been more muted. Weak hiring suggests demand may slow, which directly affects these businesses.

3. Small Caps – Still under pressure. Smaller companies are more vulnerable in a slowdown, even if rate cuts eventually help ease financing costs.

So far, it’s been a “good news, bad news” story. Rate cuts are good for valuations, but a weak jobs market is bad for growth. This creates sector divergence.

The bond market has arguably been even more reactive than stocks. After the jobs report, Treasury yields fell hard, with the 10-year moving lower as traders priced in not just September’s cut but the possibility of a longer easing cycle. Corporations also rushed to take advantage. September kicked off with one of the busiest weeks of bond issuance on record, as companies locked in yields before they drop further.

For investors, this means two things. First, existing bonds have gained in value as yields fell. Second, new issuance is booming, giving fixed-income investors plenty of fresh opportunities.

If the labor market weakens too much, credit spreads could widen, blunting some of the benefit of lower Treasury rates.

How things unfold from here depends on the mix of labor and inflation data.

Weak jobs & cooling inflation: markets cheer, Fed has room to cut faster, bond yields keep falling.

Weak jobs & sticky inflation: the Fed may still cut, but markets might worry about a stagflation-like scenario.

Stronger jobs rebound: cuts may come slower, which could cool down some of the equity enthusiasm and push yields back up.

Right now, markets are essentially racing ahead of the Fed. Stocks are betting on a soft landing and a friendlier policy environment, while bonds are positioning for falling yields but keeping an eye on credit risk.

Overall, the Fed looks ready to pivot, and both stocks and bonds have already reacted. Growth stocks and rate-sensitive names are seeing the biggest lift, while cyclical sectors remain cautious. On the bond side, lower Treasury yields and heavy corporate issuance show just how quickly expectations for rate cuts are reshaping the landscape.

Disclosure: Nothing written here is financial advice or should be used for investment decisions.

Leverage. Leverage is when an individual or a firm borrows money from a different entity to invest in projects. The name of the game is to generate a return from the project that is greater than the principal of the borrowing. 

Leverage makes the world go around. Everyone loves to borrow money to buy shit. PE firms love it. Mortgage borrowers love it. I love it.

Here is why leverage is so great.

Let’s say I borrow $10 from my buddy and use $2 of my own funds to buy a large pizza from Domino’s (please never be so down bad where your only option is to finance a pizza).

I could probably take that $12 pizza and go to the library and sell each slice for $2. 8 slices for $2/each = $16. Sweet.

I pay my buddy back $10 and throw in an extra $2 as a thanks for borrowing the money. Now, I’m left with $4.

I pay myself back the $2 and pocket the extra $2. Effectively, I made 100% of my investment. My buddy, he made 20% (not too bad either).

That is why leverage is so great. I can turn nothing into something really quick. However, leverage is a double-edged sword. If no one bought my pizza, I’d have lost $2 and be on the hook to repay my buddy $10!

Going Forward:

Recruiting for Buyside Associate Roles?

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“The Pulse” #119