Investing.com-- U.S. stocks rose slightly Thursday, extending recent gains as labor market weakness fueled growing conviction that the central bank will cut rates in September.new applications for unemployment benefits
This followed Wednesday's payrolls revision, as the U.S. economy created 818,000 fewer jobs than originally reported in the 12-month period through March 2024. Analysts at Citi said they see a 50 bps reduction as their base case for September, especially after Wednesday’s minutes showed more officials leaning towards lower rates.Markets widely expect Powell to reiterate the central bank’s dovish stance, setting the stage for a September rate cut, although it remained unclear whether the Fed Chair will explicitly telegraph a September cut.
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