Wall Street bounces higher as Powell signals rate cut

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Wall Street bounces higher as Powell signals rate cut

Wall Street’s stock indexes have jumped, with the benchmark S&P 500 index nearing a record high, after Federal Reserve chair Jerome Powell said “the time has come” to reduce interest rates.

At a highly anticipated annual economic conference in Jackson *****, Powell endorsed imminent policy easing citing risks in the job market and inflation coming within reach of the Fed’s 2 per cent target.

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