Weekly Market Update: August 26, 2024
08/26/24
Fed Chair Powell Telegraphs a September Rate Cut
Investors turned their attention to Jackson Hole last week – the site of the Fed’s annual economic symposium – for the next clues on the path of monetary policy. While a few FOMC members emphasized the need to see more data, Chairman Powell closed the conference by stating “the time has come” to lower rates. Risk assets soared on Friday – the S&P 500 and Nasdaq rose more than 1% and the economically sensitive Russell 2000 gained more than 3%. As of Friday’s close, futures markets implied a 100% chance of a cut in September with a consensus expectation of 25 basis points.
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