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  • Aug 23, 2024

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.

  • Aug 23, 2024

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.

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