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Fed dials back rate-cut outlook, but market remains upbeat
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While the Fed’s position on rates will continue to dominate headlines going forward, the market uptrend remains intact.
PHOTO: REUTERS
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singapore – Markets have continued marching northwards despite US Federal Reserve chairman Jerome Powell suggesting there could be no rate cuts in 2024.
On Wall Street, the Nasdaq notched up five straight new record highs even as the US central bank last week kept its Fed funds rate unchanged at 5.25 per cent to 5.5 per cent – its highest levels in 23 years.
