Global Markets React to Major Fed Rate Cut, Mixed Central Bank Moves
The Federal Reserve's 50 basis point cut boosts U.S. stocks, while Japan and China hold rates steady amid economic uncertainties.
- The Federal Reserve's significant rate cut of 50 basis points has driven U.S. stock indexes to record highs, with the S&P 500 and Nasdaq both up 20% for the year.
- Despite expectations, the People's Bank of China and the Bank of Japan held their interest rates unchanged, leading to currency fluctuations with the yuan strengthening and the yen weakening.
- European markets saw mixed reactions with the Bank of England also holding rates steady, influenced by the upcoming Labour government's budget and mixed economic indicators.
- Fed Chairman Jerome Powell emphasized that the rate cut is a precautionary measure rather than an emergency response, indicating further cuts may be on the horizon depending on economic data.
- Commodity markets remained strong, with gold reaching a record high and oil prices seeing a second consecutive week of gains.
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