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On January 3rd, when the U.S. Federal Reserve cut its targets for key interest rates for
the first time this year, analysts said companies would begin to see the results of lower
borrowing costs in about six months, as the lower rates would spur corporate spending.
Technology was supposed to be a key beneficiary.
Yet six months and six interest-rate cuts later, technology stocks are still in the
doldrums, lowering their outlooks for the current quarter's results. Analysts are not looking for any improvement in sector earnings until late this year at
the earliest. So what happened?