Us. Stocks rallied Friday following comments from Federal Reserve
Chair Jerome Powell indicating that interest rate cuts are on
the way. The Dow and S and P 500
added about 1.1% each while the NASDAQ gained about one
and one half percent in highly anticipated remarks at the
Jackson Hole economic symposium. Powell said the upside,
risks of inflation have diminished, the time has come
for policy to adjust the direction of travel is clear
and the timing and pace of rate cuts will depend
on incoming data, the evolving outlook and the balance
of risks. Sharf investments, President Brian Kraz said
he expects the fed to move at a slow and
steady pace. I think it was pretty clear from
the speech that we know that there is a rate
cut coming in September. And I also think we
know pretty clearly that it's, it's highly likely there'll
be three more cuts to come. Now, the
the data could, could change obviously between now and
then. But in terms of size, you know
, I would say that it's, it's likely it's
a 25 basis point cut. There was nothing in
this speech to indicate the need for, for panic
. Uh And I think the FED is just going
to gradually cut. They're not going to want to
spook market participants. Economic reports on the calendar for
the fed to consider next week include revised second quarter
GDP and the personal consumption expenditures price index, which
is the central bank's preferred inflation measure stocks on the
move included work day, which jumped 12.5% after the
human resources software firm beat quarterly revenue expectations and announced
a$1 billion stock buyback plan and turbotax parent into
it fell close to 7% in response to disappointing quarterly
revenue forecasts.