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Dollar Rises After Fed Chair Says December Rate Cut Not a Given
Federal Reserve Chair Jerome Powell cast doubt on a December rate cut, causing a market pause after four days of gains as investors reassessed rate cut expectations.
- On Wednesday, Federal Reserve Chair Jerome Powell cast doubt that a December rate cut is a foregone conclusion, pausing the stock rally after four straight days of gains on Wall Street.
- Dovish signals from Federal Reserve officials fuelled market optimism about rate cuts, but analysts noted officials hold differing views as the Federal Open Market Committee meets in six weeks.
- The Fed chair's language prompted Treasuries to sell off and the 10-year Treasury yield to rise, as Jerome Powell said, `That needs to be taken off the board.`
- The S&P 500 finished virtually flat while the Nasdaq composite gained 0.6%, and the Dow Jones Industrial Average slipped 0.2%, ending its four-day winning streak.
- Some investors argue the dip is a buying opportunity, saying the Fed will likely support markets with cuts over the next 12 months, while market strategists noted yields moved sharply after Powell's warning.
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Dow slips, S&P 500 flat as Powell tempers December rate cut hopes | Honolulu Star-Advertiser
NEW YORK >> The Dow ended lower and the S&P 500 finished flat today after the Federal Reserve cut interest rates but Fed Chair Jerome Powell said another rate cut in December is far from assured. The Nasdaq registered another record closing high, boosted by Nvidia after the AI chipmaker made history as the first company to reach $5 trillion in market value.
·Honolulu, United States
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Coverage Details
Total News Sources49
Leaning Left6Leaning Right8Center8Last UpdatedBias Distribution37% Center, 36% Right
Bias Distribution
- 37% of the sources are Center, 36% of the sources lean Right
37% Center
L 27%
C 37%
R 36%
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