Fed's Powell Says Some Considered Moving Rates Today, But Overwhelming Consensus Was To Wait Until Next Meeting If Data Supports; No Question This Is Our Base Case Now; Says The Time Is Approaching For A Rate Cut
Portfolio Pulse from Benzinga Newsdesk
Fed Chair Jerome Powell stated that while some members considered moving rates today, the overwhelming consensus was to wait until the next meeting if data supports it. He also mentioned that the time for a rate cut is approaching.
July 31, 2024 | 7:12 pm
News sentiment analysis
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POSITIVE IMPACT
The SPDR S&P 500 ETF (SPY) may experience increased volatility due to Fed Chair Powell's comments on interest rates. The market is likely to react to the anticipation of a potential rate cut.
Powell's comments suggest a potential rate cut, which generally boosts stock prices. SPY, being a broad market ETF, is likely to benefit from this sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100