Australian futures are lower. US stocks ended down after Federal Reserve chairman Jerome Powell made clear that the decision to cut interest rates by 50 basis points was not to be interpreted as the start of an aggressive rate cutting cycle.
Markets fluctuated after the Fed’s statement, first rallying, and then turning lower. US stocks were higher with a half hour left in the session and then reversed. While all three major benchmarks swung, the volatility index ended the day up a relatively modest 3.5 per cent.
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Timothy Moore writes on monetary policy, equities, commodities and currencies. He is the overnight markets editor and writes Before the Bell. Connect with Timothy on Twitter. Email Timothy at timothy.moore@afr.com
