The S&P 500 (SPX) drove past 3000 for the first time in history yesterday and futures are up past that historic figure this morning currently at 3005, up +0.25%. The markets responded well yesterday to Powell’s indications that a rate cut will be coming soon in response to slowing economic data. Fed’s Bullard also indicated that a rate cut in July would act as insurance for further economic slowdown and as a tool to help control inflation. Gold surged on this news as investors seek safety from the weakening data as the Fed’s concern grows. However, we believe the impending rate cuts will act as a catalyst to reaccelerate economic activity.
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