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New York, United States — Wall Street stocks climbed Wednesday on rising expectations for Federal Reserve interest rate cuts following an up day on European equity bourses and a down day in Asia.
Futures markets continued to bet on a September interest rate cut following Fed meeting minutes in which a “vast majority” of policy makers expressed support for an interest rate cut if economic data plays out as expected.
The Fed minutes were “dovish and though they’re dated, they suggest the debate is not whether the central bank cuts interest rate at its upcoming September meeting but rather how aggressive the initial phase of this normalization cycle should be,” said a note from Oxford Economics.
