Overview

• U.S. stocks fell for a second session, led by technology and AI names, after Powell declined to signal a near‑term cut and flagged stretched equity valuations.
• Gold held near record territory after hitting new highs earlier this week, supported by expected U.S. rate reductions, central‑bank buying, and geopolitical risk.
• European indexes ended mixed as defense shares advanced following Trump’s strong support for Ukraine, while softer German Ifo data weighed on sentiment.
• In Brazil, interest‑rate futures fell on Tuesday on a brief Trump–Lula thaw and a Copom minutes reading seen as slightly less conservative, then edged higher Wednesday with the stronger dollar.
• Despite the mid‑September 25 bp Fed cut, markets are reassessing odds for additional 2025 reductions, with Treasury yields and the dollar retracing recent declines.