BNN Bloomberg's Jon Erlichman looks at how North American markets are shaping up for the trading day.
Powell said the “time has come” for the Fed to cut rates, affirming expectations that officials will begin lowering borrowing costs next month and making clear his intention to prevent further cooling in the labor market. The Fed chief also acknowledged recent progress on inflation, which has resumed moderating in recent months after stalling earlier in the year.
Market expectations were largely baked into the recent speech, particularly the anticipated September rate cut. While the speech did not entirely rule out the possibility of a significant rate cut, it largely met expectations, offering few surprises. This is likely to provide some stability to markets broadly, though it might not be enough to propel equities to new highs in a matter of days. For a significant rally, with the support from the Fed, a decent upcoming job report would be needed.
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