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Dow Jones futures still pushing for a higher opening

Yesterday the Fed boss, Jerome Powell said he was disappointed by the lack of reduction in US inflation and it had surprised him so far in 2024. However, Powell was insistent that the rate of US inflation would fall back to the 2% Fed target in due course and without the Fed needing to raise rates further. He was pretty insistent that the Fed has already reached the terminal rate for Fed Funds. Initially the markets seemed to buy into that and the Dow Jones shot higher. Well, as you know; that rally did not last long and the index slumped lower into the close. It did manage to forge out a slightly higher close though, where that was not the same for the S+P 500 and the Nasdaq. The Dow closed at 37,903, with a gain of just 87 points on the day, but significantly below the earlier high, at 38,349. Following the US data released a short while ago, the Dow futures are now hitting session highs, as the bulls seem to take charge again. The index is right now priced to reopen above 38,130, but it remains to be seen when and if the bears will come back to the market. Once live trading resumes, we shall see, if it is a case of selling into the rally again and if the markets truly buy into this determined, if yet potentially flawed rhetoric from the Fed boss 

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