ASX Small Caps Lunch Wrap: US Fed says ‘it’s time’ to cut rates, uranium stocks go flying

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Local markets opened higher this morning, and then kept on climbing for the first 90 minutes of the session, heading steadily to +0.7% before levelling off before lunch.

The reason for the market’s upbeat mood this morning is (mostly) to do with US Fed Chair Jerome Powell, who used his annual appearance at Jackson Hole to foreshadow imminent rate cuts in the US, and predict another six weeks of winter, after he was spooked by his own shadow.

A US rate cut is grand news, but Powell’s comments – however positive – were a tad nebulous.“The time has come,” Powell intoned, without saying when things would change… only that it’s time they did, and the rest of the hype is now divided into two camps… those who reckon the Fed’s got a […]

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