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The Fed hints at a September rate cut, and the market reacts enthusiastically.

The Federal Reserve hinted at a rate cut in September, sparking enthusiastic market reactions. U.S. Treasuries, stocks, crude oil, gold, and the Japanese yen all rose. Chip stocks led the gains, with NVIDIA surging nearly 13%. Tensions in the Middle East pushed up gold and oil prices. Eurozone inflation slightly exceeded expectations. OPEC+ will assess the implementation of production quotas. Powell maintained a cautious stance on rate cut guidance, yet the market still anticipates three rate cuts by the end of the year.

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