A television screen on the floor of the New York Stock Exchange, shows the Federal Reserve rate decision, Wednesday, July 31, 2024.– Global markets were mostly lower and Japan’s stock index tumbled Thursday as the U.S. dollar sank against the yen after the head of the Federal Reserve suggested a cut to interest rates will come soon.
In Asian trading, the Nikkei 225 in Tokyo sank more than 1,000 points earlier in the day and ended trading down 2.5% at 38,126.33. “A September cut is now priced in with certainty, and almost three cuts are priced in by the year-end,” said Robert Carnell, regional head of research Asia-Pacific at ING Economics.
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