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US shares advance, Treasury yields dip as Powell gives rate cut assurances
Wall Street followed world shares higher on Wednesday and the benchmark U.S. Treasury yield dipped to a one-month low after Federal Reserve Chair Jerome Powell reassured investors that while inflation is not quite tamed rate cuts can be expected this year. All three major U.S. stock indexes advanced but were well off session highs, marking a partial rebound from Tuesday's steep sell-off. The tech-heavy Nasdaq was enjoying the most robust gain. Powell told the House of Representatives Financial Services Committee that "if the economy evolves broadly as expected," the central bank can be expected to cut its policy ... (full story)