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Fed Rate Cuts Now Expected in September; Banks Rally
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Trading TipsFed Rate Cuts Now Expected in September; Banks Rally
Federal Reserve Chair Jerome Powell signaled in Congressional testimony that interest rate cuts are likely to begin in September 2024, contingent on inflation continuing to moderate. This shift in guidance triggered a 2.1% rally in the financial sector and a 1.8% gain in the S&P 500. The 10-year Treasury yield fell 18 basis points to 3.87%, compressing net interest margins for banks but lifting bond prices and mortgage refinance activity. Market…
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