Daily Update - 8th October 2019
Federal Reserve Chair Jerome Powell on Monday obliquely pushed back against President Donald Trump’s pressure to aggressively slash interest rates, quoting a predecessor's insistence that the Fed must be "absolutely free" from politics. Trump has often tweeted that the Fed is clueless and repeatedly urged the central bank to slash rates by a large amount, so the economy can take off like a “rocket ship.” The Fed has moved to lower rates down two notches since July, pointing to trade tensions, slowing global growth and muted inflation. Fed officials have offered few clues as to whether they will cut rates again at the end of the month, but financial markets are widely expecting them to do so against the backdrop of a shrinking manufacturing sector and other signs of a slowdown. Tuesday major highlight for the day will be around Bank of England governor Carney speech which will be giving out a statement on the current Economic Conditions of UK & also their future projection strategies. Jerome Powell will conduct few more speeches during this week to give an indication on the current economic stance and future strategies Yesterday’s Market
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