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Markets rally on Fed rate cut prospects amid tariff concerns, with the US500 up 1.5%, US100 rising 2.1%, and US30 advancing 0.99%, extending gains to a third straight day.
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Fed officials signal potential rate cuts with Cleveland President Beth Hammack suggesting a possible June move and Governor Christopher Waller supporting cuts if tariffs hurt the labor market, contrasting with Powell's more cautious stance.
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Bank of England's Bailey concerned about trade impact but doesn't foresee UK recession, acknowledging the "growth shock" from tariffs while noting Britain's economy remains resilient with GDP data "quite encouraging."
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Durable goods orders surge 9.2% in March versus 2.1% forecast, though largely driven by a single aircraft order, while core orders showed no growth (0.0% vs 0.3% expected).
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Trump walks back Powell criticism after market unease, stating he has "no intention" of firing the Fed chair despite earlier calls for his termination following Powell's reluctance to cut rates.
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Consumer discretionary stocks face pressure as UBS analysts note markets are "rapidly pricing in a tariff-fueled recession," with these sectors down 20% relative to broader market as earnings expectations decline.
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Canada election tightens with Liberals' lead over Conservatives narrowing to 3.6 points from 5.6 points as voters' focus shifts from Trump's threats to cost-of-living concerns.
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CME Group to launch XRP futures on May 19 (pending regulatory approval), expanding cryptocurrency derivatives beyond Bitcoin and Ethereum to meet demand for "regulated derivatives products."
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Treasury yields and dollar slide as traders bet on earlier Fed easing, with 10-year yields down five basis points to 4.33% and the Bloomberg Dollar Spot Index falling 0.2%.
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Gold continues record run rising 1% to $3,322.73 per ounce as investors seek safe havens amid economic uncertainty.
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U.S. natural gas inventories increased by 88 bcf this week, exceeding the forecasted rise of 65 bcf. The report reinforced the downward trend in natural gas futures prices, which are down nearly 3% today.
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Cryptocurrency prices diverge with Bitcoin slightly down 0.4% to $93,265, Ether falling 1.4% to $1,771, while XRP shows relative strength, up 5.3% year-to-date.
- Mixed corporate earnings with Texas Instruments jumping on bullish forecast while American Airlines withdraws full-year guidance and consumer giants PepsiCo and P&G lower forecasts amid economic uncertainty.
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