(Bloomberg) -- Officials from three of the world’s major central banks on Friday signaled they are firmly on course to lower — or continue lowering — interest rates in the coming months, marking the beginning of the end for an era of high borrowing costs as the global economy slips out of the grip of post-Covid inflation.Most Read from BloombergChicago's Migrant Surge Is Stirring Trouble for Democrats in DNC Host CitySydney Central Train Station Is Now an Architectural DestinationWith Housing Co
Bond Traders Are Vindicated as Powell Sets Up September Fed Cut
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TSX hits record high as Fed chief signs off on rate cuts
(Reuters) -Canada's main stock index rose to a record high on Friday, with energy and financials contributing to broad-based gains as Federal Reserve Chair Jerome Powell endorsed the start of rate cuts, raising hopes the economy could avoid recession. For the week, the TSX added 1%, its third straight week of gains. Wall Street's major indexes also rose after Powell said, "The time has come" to reduce interest rates.
Stocks surge while Treasury yields, dollars retreat after Fed signals lower rates
(Reuters) -Wall Street and global shares jumped on Friday toward all-time highs, while Treasury yields slumped and the dollar languished, after a speech by U.S. Federal Reserve Chair Jerome Powell confirmed the United States would soon begin interest rate cuts. Powell, in remarks on Friday at the annual economic symposium in Jackson Hole, Wyoming, said "the time has come" to cut interest rates as rising risks to the job market left no room for further weakness and inflation was in reach of the Fed's 2% target, offering an explicit endorsement of an imminent policy easing. "Powell gave the market just enough dovishness to support the market while avoiding the potential pitfall of inducing fear," Carl Ludwigson, managing director at Bel Air Investment Advisors, said in an email.