Central bankers said they had more confidence inflation was back on track to 2%.
Markets are pricing in a 100% chance of a rate cut in September, per the CME FedWatch tool.
AdvertisementUS stocks surged on Wednesday, driven by a rally in the tech sector and dovish comments from the Federal Reserve.
The second quarter's inflation readings have added to our confidence, and more good data would further strengthen that confidence," Fed Chair Powell said in prepared remarks.
Markets are now pricing in with certainty that the Fed will cut rates in September, according to the CME FedWatch tool.
Persons:
—, Powell, Philip Straehl, Morgan Stanley
Organizations:
Fed, Service, Federal Reserve, Nasdaq, Morningstar Wealth, AMD, Nvidia