TORONTO – Canada’s main stock index gained almost 250 points Friday on broad-based strength, while U.S. stock markets also rose as the U.S. Federal Reserve signalled it is prepared to start cutting its key interest rate.
In a highly anticipated speech, U.S. Federal Reserve chair Jerome Powell said “the time has come” for the central bank to soon start cutting its key interest rate.
Powell, speaking at the Fed’s annual Jackson Hole conference, said inflation appears largely under control.
“The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks,” he said.
“I think it’s very, very positive,” said Adelaide Chiu, portfolio manager, vice-president and head of responsible investing at NEI…
