Global stocks rally as Fed chair signals US rate cut

Traders work on the floor of the New York Stock Exchange. Picture: REUTERS/BRENDAN McDERMID

In his first day of testimony before congress on Wednesday, Powell confirmed the US economy was still under threat from disappointing factory activity, tame inflation and a simmering trade war, and said the Fed stood ready to “act as appropriate”. US futures pointed to a stronger opening for Wall Street as well with E-Minis for the S&P500 at 0.2%.

“Given we are in the longest expansion and have only had rates lifted to 2.5%, for me it begs the question, is a soft landing possible?” Minutes from the Fed’s last meeting, in mid-June, however, showed some policymakers felt there was not yet a strong case for easing. In fixed-income markets, the 10-year US Treasury yield fell to 2.037% after dropping on Wednesday from a three-week high of 2.113%.

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