In a rush? Here’s the key takeaway
- Fed chair Powell was joined by colleagues in suggesting a rate cut is coming this month with more to follow. But it was his criticism of the Phillip’s curve and that rates may not be as “accomodative” as thought which really suggests a series of cuts is coming even with the US economy doing okay.
- Bond rates were still a little higher though as core inflation hit 2.1%, but that didn’t hurt stocks with the Dow above 27000 for the4 first time ever and the S&P 500 tanatlsingly close to 3000 with a record high close of 2999.91.
- The USD was a bit better bid, gold offered – thanks 10’s – while oil was mixed.
Now, let’s dive in to this morning’s newsletter.
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