Global Markets Surge on Rate Pivot Signals
Global financial markets erupted in celebration Thursday as the world's two most influential central banks signaled a potential pivot in their monetary policy stance.
The Fed's Statement
The Federal Reserve indicated that further rate hikes are "not the baseline expectation." The S&P 500 surged 2.8% — its largest single-day gain since January.
European Markets Follow
The ECB President said the institution was "confident" that inflation would return to target. Germany's DAX rose 2.1%, France's CAC 40 gained 1.9%.
Bond Markets Rejoice
The yield on the 10-year U.S. Treasury note fell to its lowest level in three months.
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