Wall St set for higher open as prospects of September rate cut grow

Quick Summary:

WALL Street's main indexes eyed a higher open on Thursday, as investors were more hopeful the Federal Reserve would kick off its interst rate cut cycle next month, while awaiting policymakers' commentary at Jackson Hole this week.

Money markets currently see a nearly 70% chance of an at least 25-basis-point (bps) cut in September, as per the CME FedWatch Tool, and about 100 bps of easing by December, according to LSEG data.

We should (wait) for the unemployment numbers for August and then see if the Fed is going to respond in a more forceful way," said Peter Cardillo, chief market economist at Spartan Capital Securities.

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Category: EconomyBusiness

Markets: MalaysiaCanada

Topics: Jackson Hole /Business/Business News Nasdaq Federal Reserve Wall Street Markets

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-22 @ 21:17:00 (4 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 533 words

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Sentences: 21 lines

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News ID: 22208894

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