U.S. Equities fell the most in two months, while two-year Treasury yields rose as Jerome Powell dented hopes that the Federal Reserve is poised to continue easing after delivering the first Interest-Rate cut in over a decade. The S&P 500 Index fell as much as 1.8% after the Fed chairman said the Quarter-point cut amounted to a “mid-term policy adjustment,” fuelling speculation the central bank is not necessarily at the start of an easing cycle. The measure rebounded after Powell said the Fed has not ruled out further cuts, closing down 1.1%. President Donald Trump said in a tweet “Powell let us down” with the size of the rate cut. The 10-year yield fell to below 2.01%, while the two-year rate jumped to 1.88%. The US Dollar advanced to the highest in two months, and Gold slid. Fed Fund Futures showed less easing is now being priced in by markets that had been expecting almost three quarter-point cuts this year prior to the meeting. The hope for a cycle of cuts had pushed stocks to all-time highs and sent 10-year rates dipping below 2%. Markets turned volatile as Powell signalled the Fed is in no rush to continue with easing, unless warranted by data. The central bank earlier voted, with two officials dissenting, to cut rates as predicted by most investors and economists.
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