The below report consists of a market overview and insight into the equities, futures and derivatives markets, and FX speculative and deliverable markets.
* Divided Federal Reserve suggests further rate cuts up in the air post 25bps cut to 1.75%-2.0%
– Future dot path, seven members want a further cut, five status quo and five wanted no lowering
– Markets pricing one further 25bps this year and 40bps through next year
– Powell remained positive on economic outlook and today’s cut was “insurance”
– Still suggested a mid-cycle policy adjustment and further adjustment, data dependant