BREAKING: Wall Street surges following BoC Gov. Macklem dovish comments

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Major Wall Street indices gain some traction in the afternoon amid growing speculation that the Fed will slow down its aggressive tightening. Market sentiment improved after an unexpected decision from the Bank of Canada to curb the pace of rate increases amid evidence that tighter financial conditions are starting to drag the economy. During the press conference BoC governor Macklem said that the tightening phase will draw to a close, however policymakers are still far from the goal of ensuring inflation is low, stable and predictable. Policymakers see signs of a significant slowdown and by front-loading rates, they are trying to avoid even-higher rates down the road. Central bankers believe rates will rise further. That could be another larger-than-normal step or they could move to more-normal steps. Markets perceive these comments as dovish and now see a greater chance that the FED could do the same in December, which supports US indexes and weakens dollar.

US500 jumped over 1.3% and is approaching major resistance at 3900 pts which is marked with previous price reactions. Source: xStation5

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BREAKING: Wall Street surges following BoC Gov. Macklem dovish comments

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