The S&P 500 was 1 per cent higher in afternoon trading and on track to add to its all-time high set a day earlier. The Nasdaq composite was also building on its own record and was up 1.7 per cent. The Dow Jones was lagging the market with a gain of 4 points, or less than 0.1 per cent.The action was even stronger in the bond market, where Treasury yields tumbled after the report showed US consumers paid prices that were 3.
But the Fed also indicated most of its policymakers are still forecasting at least one cut to interest rates at some point this year. They also raised their forecast for the number of cuts in 2025.The Fed trimmed its forecast for cuts to rates this year down from three after progress on bringing inflation lower seemed to stall early this year.
Real-estate stocks were also shooting higher. Lower interest rates mean bonds are paying less in interest, which can send potential investors to dividend-paying real-estate owners instead. Office owner Boston Properties jumped 4.3 per cent.
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