TOKYO - A gauge of global stock markets rose on Thursday while the dollar dropped and global bond yields plunged, with the 10-year U.S. yield falling below two percent, after the Federal Reserve signaled possible interest rate cuts later this year.
Signs that China and the United States are returning to the negotiating table after a six-week hiatus also bolstered risk sentiment. On Wall Street, the S&P 500 gained 0.3% to 2,926, just 19 points off its record closing high hit on April 30. Japanese 10-year bond yields slipped 1.5 basis points to minus 0.155%, matching three-year lows while Australian yield hit a record low below 1.3%.
“While we expect ‘insurance’ rate cuts this year, we think the timing and magnitude of any policy easing is uncertain and somewhat dependent on U.S.-China trade relations,” said Andrew Wilson, CEO of Goldman Sachs Asset Management for EMEA and global Head of fixed income.
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Monetary Policy is all fixed and the FED just proved it. Job market is good and economy is good so this cut is just for Wall Street, Big Banks and Big Companies. All these are in huge debt and they need low interest. If they had surplus they would want higher interest rates!!
Fake News
Sounded like a very cautious FED to me. The only 'fuelling of rate cut hopes' was from the journos at the press conference trying to get Chair Powell to say something that was not in the June report, and sadly for them, he stuck to the written report.
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