U.S Equity Markets reversed most of Tuesday’s late plunge after President Donald Trump proposed aid for individuals, small businesses, and airlines. This was in stark contrast to his comments from late Tuesday, where he had suspended further Coronavirus-stimulus negotiations. While the future of any stimulus is still uncertain, Trump’s comments sparked optimism that there is still a chance a Bill gets done. The Federal Reserve released its Minutes from the September Meeting, with officials saying that the current pace of asset purchases will be maintained to help boost the economic recovery. The Fed members also said that Interest Rates will remain near zero for at least three years, matching what Fed Chair Jerome Powell said in his post-meeting press conference. The Dow led the rally, closing higher by 1.91%. European Markets closed mixed. International Monetary Fund Managing Director Kristalina Georgieva said global economic contraction would not be as bad this year as the group’s 4.9% prediction in June. A European Central Bank study expressed concern that global central bank independence is being lost to mounting political pressures surrounding stimulus support. German Industrial Production surprisingly contracted in August, indicating that economic recovery remains choppy. The German city of Berlin imposed new restrictions, including a late-night curfew for bars and restaurants, in an effort to contain a Coronavirus resurgence. Elsewhere, Oil closed 1.68% lower after the EIA lowered its demand outlook in the U.S., while Gold closed 1% lower on little news.
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