Wall Street ends sharply higher as Powell cements September rate cut hopes

August 24, 2024

Following Jerome Powell’s dovish comments at the Jackson Hole Symposium, U.S. stocks rallied in anticipation of a rate cut by the Federal Reserve in September. All major indexes rose, driven by gains in megacap stocks and regional banks. Powell’s remarks indicated a shift towards multiple rate cuts, boosting investor sentiment.

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Nilesh Shah says China’s $1 trillion trade surplus is built on an undervalued Yuan, not just on innovation and competitiveness

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