The Federal Reserve cut the benchmark rate by 25 basis points, now at 4.50%-4.75%, marking the second consecutive reduction as policymakers aim to keep inflation on track for the 2% target. Fed Chair Jerome Powell suggested the economy could see better performance than previously thought, with traders now expecting another rate cut next month and additional reductions through 2025. Powell, however, remains in a complex position as President-elect Trump’s relationship with the Fed may bring potential changes in leadership.
All three major indices hit new highs, continuing the momentum from Trump’s election victory, with the S&P 500 and DJIA up around 4% and Nasdaq leading with a 5.6% gain.
In other developments, Taiwan Semiconductor Manufacturing (TSMC) reported a revenue increase for October, but the growth rate slowed, hinting that demand may be cooling in sectors like PCs and smartphones. TSMC remains a key supplier for major tech companies like Nvidia and Apple, and its revenue is closely watched as a barometer of AI-driven demand. Meanwhile, Bitcoin surged to new highs, fueled by hopes that Trump’s administration will support crypto-friendly regulations, with analysts setting ambitious targets for late 2024.
Crude prices dipped slightly today but maintained strong weekly gains, supported by OPEC+ delaying production increases and expected moves by Trump’s incoming administration to impose tighter sanctions on Iran and Venezuela. Hurricane Rafael also played a role, shutting down around 400,000 barrels per day in U.S. production, though the storm is expected to move away from critical oil areas over the weekend.
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