Fed's Powell Says Asked About September Cut Again, Says If Inflation Moves Down In Line With Expectations, Growth Remains Reasonably Strong, Labor Market Remains As It Is, Rate Cut In September Would Be On Table; If Inflation Disappointing We Would Weight That; Is Not Going To Be Any One Thing That Makes Us Decide; We Just Need To See More Good Data; Last Couple Of Inflation Readings Have Added To Confidence; We Have Gained Confidence, More Good Data Would Provide More Confidence
Portfolio Pulse from Benzinga Newsdesk
Fed Chair Jerome Powell indicated that a rate cut in September is possible if inflation trends down as expected, growth remains strong, and the labor market stays stable. However, disappointing inflation data could weigh against a rate cut. Recent inflation readings have increased confidence, but more good data is needed.
July 31, 2024 | 6:41 pm
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POSITIVE IMPACT
The potential for a rate cut in September, as indicated by Fed Chair Powell, could positively impact SPY if inflation trends down and economic growth remains strong.
A rate cut generally boosts stock prices as borrowing costs decrease, potentially leading to higher consumer spending and business investment. SPY, being an ETF that tracks the S&P 500, would likely benefit from such a scenario.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 80