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Dow Jones off the boil as Powell remains tight-lipped about another cut in December

The Fed boss, Jerome Powell has been addressing the press in his usual post FOMC debrief. The rhetoric of his statement is pretty much unchanged from before. The truth is Powell and his colleagues had little choice but to act again this evening, especially given the return of Trump to White House. Powell has just said the election outcome will have no impact on future Fed policy, but then again he probably had to say that. It is not true either of course and Powell is trying to distance himself from the impact a new administration. The reaction to his comments thus far has seen the dollar initially fall back, especially versus the Yen, but then spike immediately higher again, as US yields rebound. That comes after Powell has not given much of an indication, that another cut will be coming next month. The Dow Jones is currently trading slightly in the red, right now at 43,685 
 

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