Global stocks gain, dollar weakens after Fed signals possible rate cuts

NEW YORK - A gauge of global stock markets strengthened on Wednesday, bolstered by gains on Wall Street, and benchmark U.S. Treasury yields and the dollar dropped after the Federal Reserve signaled possible interest rate cuts over the rest of this year.

Nearly half of the Fed’s policymakers now show a willingness to lower borrowing costs over the next six months. Investors’ hopes that the Fed would soon cut interest rates were fueled on Tuesday when European Central Bank President Mario Draghi hinted at economic stimulus, comments that drove up stocks and weakened yields.

MSCI’s gauge of stocks across the globe gained 0.70%. The index rose to its highest point in six weeks.

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