Global Stocks were generally weak on Monday and Tuesday. US ISM Services PMI data showed a fall to 52.6 in February, below forecasts of 53 and down from a four-month high in January. Equities fell, especially tech stocks on fears of an economic slowdown but began recovering ahead of Fed Chairman Powell’s testimony before Congress on Wednesday. He stated that the central bank was “not far” from beginning to cut rates which he said would be this year, although he did add “we want to see a little bit more data” to confirm inflation is continuing to fall. The US Dollar fell in response, with the Dollar Index almost reaching an 8-week low on Friday.
Full report
https://realmim.com/stocks-boosted-last-week-by-powell-testimony-before-congress/
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