Wall Street on Friday rebounded from the previous session’s rout after a key Federal Reserve official suggested the central bank could cut interest rates again in December.
All three US equity benchmark indices jumped 0.5%. The Dow Jones Industrial Average added 248 points, and the S&P 500 index gained over 30 points. The tech-heavy Nasdaq Composite regained 22,200 level.
New York Federal Reserve President John Williams said the US central bank’s monetary policy is “modestly restrictive, although somewhat less so than before our recent actions”.
“Therefore, I still see room for a further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the range of neutral, thereby maintaining the balance between the achievement of our two goals,” he said, reported CNBC International.
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