The S&P 500 Index, DIA, and QQQ closed to all-time highs on renewed confidence of a fed interest rate cut later this month.
Powell said lower rates would help offset the uncertainties resulting from slower global growth. This caused bonds (TLT) to fall and interest rates (TBT) – and banks and most markets — to rise.
Former economist Joe Carson said that the Fed has never made a preemptive move to stave off a slowdown while the economy’s performance has been so close to its expectations or when the financial markets have been so robust.
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