A snapshot of the US dollar, it is down versus all the major currencies:
- EUR -0.81%
- JPY -0.97%
- GBP -0.75%
- CHF -0.83%
- CAD -0.40%
- AUD -1.0%
- NZD -0.81%
The market is reacting positively to the Fed chair speech as a tilt toward moving more toward a less restrictive/more balanced monetary policy. He commented that the downside risk to employment and that tariffs are likely to be a one-time price increase.
The chance of a cut in September are back to nearly 100% with 2 cuts before the end of the year
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US stocks have moved higher
- Dow industrial average up 1.52%
- S&P index up 1.25%
- NASDAQ index up 1.47%.
The small-cap Russell 2000 is the biggest gainer as smaller/riskier companies benefit from lower rates. It is currently up to 2.86%
Looking at the US yields, the shorter end is down 10 basis points with the
- 2-year now at 3.692% -10.0 basis points.
- 10-year yield is also lower but down -6.5 basis points at 4.267%.
- 30-year yield is down -3.3 basis points at 4.890%..
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