Market Focused On Rate Cut

Buyers are scooping up these dips ahead of the FOMC next week.

PRE-OPEN MARKET COMMENTS THURSDAY - Yesterday the market probed for support once more and it staged an incredible reversal that fueled a move back above the 50-day MA. The CPI was in line with expectations and a quarter point rate cut is expected next week. This morning the ECB cut interest rates by 25 basis points and that was widely expected. They have not hinted at future rate cuts because slowing economic growth has been offset by rising wages in the service sector and officials are divided.

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