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Stocks and gold higher, cryptos mixed as US rate cut hopes boost investor confidence
The prospect of the Federal Reserve cutting interest rates as soon as September buoyed asset prices on Wednesday following two days of dovish testimony from Fed Chair Powell, who testified before the Senate and House. “Federal Reserve Chair Jerome Powell expressed concerns on Tuesday [and Wednesday] about the risks of maintaining high interest rates for an extended period, which could hinder economic growth,” said analysts at Secure Digital Markets. “The market anticipates the Fed will start reducing rates in September, with a subsequent quarter-point cut likely by year-end. However, FOMC members in their June ... (full story)