US Stocks Rally on Dovish FOMC, Eyes on Pivotal Core PCE Inflation Data
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US stocks rallied after a dovish FOMC meeting, with the Nasdaq finishing 2.98% higher, the S&P 500 adding 2.29%, and the Dow Jones adding 761 points (+1.97%). The Fed Chair noted that firmer inflationary data had not changed its overall trend lower and that the path of inflation towards its 2% target will be a 'bumpy road'. Atlanta Fed President Bostic said he now expects just one rate cut this year based on the US economy's resilience. This suggests there might be less tolerance for an upside surprise in this week's Core PCE inflation number. The Core PCE price index is expected to rise by 0.3% MoM, leaving the annual core rate of inflation at 2.8%. Technical analysis shows that the S&P 500 and Nasdaq are expected to continue their upward trend, with support levels at 5180 and 5100 for th...
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