Market Comment | Fed Chairman Jerome Powell reinforces the thesis of an upcoming rate cut

Summary

Today, the chairman of the US Federal Reserve, Jerome Powell, delivering the Fed's semi-annual monetary report to Congress, reinforced the thesis of an upcoming rate cut by the Fed given the potential impact on US growth of the global economic slowdown, as well as the uncertainty related to the trade war and the Brexit.

Key points

• Key points:
• Fed Chairman Jerome Powell sends a dovish message.
• The European Commission has published its summer economic forecasts.
• Powell's statements help to steep the US treasury yield curve.
• S&P 500 crosses the 3,000 threshold for the first time in the history.

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