Global Markets Respond to Powell's Cautious Rate Comments
MSCI's global equities remained nearly unchanged amid investor caution following Federal Reserve Chair Jerome Powell's comments on interest rates. Despite optimism in the housing market, Wall Street faced declines, while gold prices fell and the dollar strengthened. Oil and Bitcoin saw gains in this mixed financial landscape.
The global stock market saw minimal change on Wednesday, as investors processed Federal Reserve Chair Jerome Powell's cautious commentary on future U.S. interest rate cuts. Powell's remarks emphasized the complexity of balancing inflation risks with a struggling job market.
Economic data released midweek showed a surprising surge in U.S. single-family home sales, which could hinder further rate cuts. Despite these figures, Wall Street indices fell, spurred by anxiety and an upcoming key inflation report.
Meanwhile, gold prices dipped as the dollar rose. Oil prices hit a seven-week high, while cryptocurrencies like Bitcoin recorded gains, painting a mixed picture for the financial markets.
(With inputs from agencies.)
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