Relief Rally Animates Markets After Fed Cut
A wave of optimism is washing across financial markets this morning after the Federal Reserve cut rates by more than expected, demonstrating a strong commitment to supporting labour markets and sustaining the US economic expansion. Yesterday’s decision to lower benchmark borrowing rates in an unusually-large half-point increment initially triggered a rally in risk assets and a corresponding decline in the dollar, but Chair Jerome Powell generated some turbulence during the press conference as he tried to discourage bets on deep cuts at future meetings. “There’s no sense that the committee feels it’s in a rush to do this,” he said....