Europe Market Open: Fed cut by 50bps though Powell kept his options open on the future pace, BoE ahead
19/09/2024
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- The Fed delivered a 50bps rate cut and the dot plot suggested a further 50bps of reductions this year.
- US indices finished marginally lower and yields higher with Powell stating that markets should not assume 50bps is the new pace.
- European equity futures are indicative of a positive cash open with the Euro Stoxx 50 future +1.1% after the cash market closed lower by 0.5% on Wednesday.
- DXY was seen lower post-FOMC decision before recouping lost ground during the press conference. JPY lags across the majors.
- Looking ahead, highlights include US Philly Fed Index, BoE, Norges, SARB & CBRT Policy Announcement, BoE Agents Summary of Business Conditions (Q3), Comments from ECB’s Schnabel, Norges Bank's Bache & BoC’s Vincent, Supply from Spain, France & US
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