This morning’s US CPI report came almost exactly in line, and the fact that there wasn’t much diversion from expectations led to traders decidedly pricing the 25 bps Cut for the Federal Reserve’s September meeting.
You can access the report right here.
US Equities have rallied throughout the session after a relatively mixed open. The Dow led to the upside before the S&P 500 and Nasdaq decidedly flew higher.
All major US Indices close above 1%, with Tech making a V-Shape reversal led by Meta (+3.14% on the session) which put the Nasdaq back on top, up 1.26% at the end of the session.
The less traded Russell 2000 is actually closing up 3% on the session, with rate cuts largely profiting small-cap stocks.
Ethereum also enjoyed another fresh buying wave taking it to $4,500, levels unseen since November 2021.
Equities and Cryptos really outshined other asset classes in today’s session, with Metals up small and Energy commodities getting sold off further.
In Forex, the Royal Bank of Australia proceed with their 25 bps cut to 3.60% with an unanimous vote which was close to 100% priced in after the disappointing Australian Jobs numbers from earlier this month.
The rate cut from the RBA helped to propulse the ASX (Australian Equity Index) to new all-time highs, finishing the session around 8,900.