Job Growth Increases Pressure on Fed Rate Cut Expectations
A recent surge in jobs and services data in the United States significantly dampens the likelihood of further Federal Reserve rate cuts this year. This economic sentiment hit tech stocks hard, leading to declines across U.S. indices, particularly with profit-taking affecting Nvidia’s stock performance. Meanwhile, markets in the United Kingdom face rising long-term borrowing costs, now at a 27-year high, posing challenges for Chancellor Rachel Reeves as fiscal pressure increases.
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