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Oil and bitcoin are rallying while stocks are mixed as traders weigh the Fed's more measured take on rate cuts

Oil and bitcoin are rallying while stocks are mixed as traders weigh the Fed's more measured take on rate cuts
Reuters



Fed Chair Jerome Powell poured cold water on traders' hopes for a cut to interest rates next month.




The stance appears "fully priced in the asset prices," says one analyst.




Rising tensions between the US and Iran and the ongoing US-China trade war drove oil higher.




Bitcoin rallied 12%.




View Markets Insider's homepage for more stories.



The Federal Reserve's chairman, Jerome Powell, poured cold water on traders' hopes for a cut to interest rates next month, a move that analysts say is priced into equities prices as stocks were either flat or slightly down on Wednesday.
Meanwhile, geopolitical tensions pushed oil prices higher. Bitcoin is up 12% to over $12,500.
"The Fed is insulated from short-term political pressures," Powell said in a speech on Tuesday, pushing back against President Donald Trump's repeated calls for rate cuts. The central bank continues to weigh low unemployment and economic growth against "heightened uncertainties" such as the ongoing US-China trade war, weaker global economic data, and tepid inflation, he said.
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