Powell's Rate Cut Signal Triggers Small-Cap Rally, Gold Makes Record Highs, Dollar Tumbles: 7 ETFs On The Move

Quick Summary:

Jerome Powell's interest rate remarks Friday ignited a rally in stocks, bonds, and commodities, while the U.S.dollar plunged as traders solidified their bets on rate cuts.

Financial markets responded positively to Fed chair Powell’s remarks at the Jackson Hole symposium, where he said the ‘”time has come for policy to adjust.”

The Fed chair said he is more confident the economy is on a sustainable path back to the 2% inflation target, allowing the Fed to finally shift its focus to labor market conditions.“We do not seek or welcome further cooling in labor market conditions,” he said, adding the Fed has “ample room to respond” by adjusting its policy should further weakening in labor market conditions occur.7 Key ETFs ...

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Author / Journalist: Piero Cingari

Category: Technology

Markets: United States

Topics: US4642887529 US73936D1072 Macro Economic Events Federal Reserve US9229085538 ETFs Movers Economics Stories That Matter US78464A7550 IWM US4642876555 KRE XME Jerome Powell Top Stories ITB Benzinga Jackson Hole Commodities Interest Rates US78464A6982 Tech VNQ UUP Broad U.S. Equity ETFs Equities GLD Markets US78463V1070 Econ #s Inflation Small Cap

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-23 @ 15:24:49 (10 hours ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 393 words

Reading Time: 3 minutes read

Sentences: 17 lines

Sentence Length: 24 words per sentence (average)

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Copyright Owner: © Benzinga

News ID: 22230927

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