U.S. stocks advanced to an all-time high after the Federal Reserve cut Interest Rates as expected and signalled it was unlikely to move in either direction any time soon as inflation remains muted. Treasuries extended gains and the US Dollar erased an advance. The S&P 500 turned higher when Chairman Jerome Powell said rate hikes won’t occur as long as inflation remains persistently cool. That fuelled a rally in Treasuries and sent the US Dollar lower. Prior to the comment, risk assets were under pressure after hawks saw a change in the policy statement’s language — removing “act as appropriate” — as signalling officials will not make any further cuts this year. After the close of trading, Apple, Starbucks and Facebook advanced after posting results. Twitter fell after saying it won’t accept political advertisements.
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