From Reuters,
Dow notches record high as Wall Street cheers Powell’s speech.
Apparently, Federal Reserve Chairman Jerome Powell’s speech today in Jackson Hole, Wyoming, was widely interpreted as meaning interest rate cuts are coming as soon as next month.
The S&P 500 index also surged today but closed just below the record level it set just last week. Reuters adds,
Traders boosted bets on a September rate cut after Powell’s comments, now placing a nearly 90% chance of a reduction, versus about 75% before Powell’s remarks.
For those wondering, Rasmussen Reports has Trump’s popularity at exactly even, 49-49.
