Fed's Powell Says Asked About September Cut, Says Have Made No Decision; No Decisions About Future Meetings; Broad Sense At FOMC Is We Are Moving Closer; Data Dependent But Not Data Point Dependent; Question Will Be If Totality Of Data Is Consistent With Rising Confidence On Inflation And Jobs; Reduction Could Be On The Table In September; Rate Cut Could Be On Table In September; Not Quite At That Point Yet
Portfolio Pulse from Benzinga Newsdesk
Fed Chair Jerome Powell stated that no decision has been made regarding a rate cut in September. The FOMC is moving closer to a decision, which will depend on the totality of data on inflation and jobs. A rate cut could be on the table, but it is not certain yet.
July 31, 2024 | 6:39 pm
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POSITIVE IMPACT
The potential for a rate cut in September, as indicated by Fed Chair Powell, could impact SPY. The decision will depend on data about inflation and jobs.
SPY, an ETF that tracks the S&P 500, is likely to be impacted by the potential rate cut. Lower interest rates generally boost stock prices, making SPY more attractive. However, the decision is not final and will depend on upcoming economic data.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 80