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Stocks Rally As Fed Chairman Speaks : NPR

The Federal Reserve chairman is testifying before Congress this week about challenges the economy faces. Stocks rallied in anticipation the central bank will lower interest rates later this month.

Stocks rallied Wednesday as Federal Reserve Chairman Jerome Powell testified about challenges the U.S. economy faces, adding to expectations that the central bank will cut interest rates later this month.

The Fed had hinted at such a cut in June.

Since then, “it appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook,” Powell said in prepared testimony for the House Financial Services Committee. “Inflation pressures remain muted.”

Source: Stocks Rally As Fed Chairman Speaks : NPR

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