Global markets hit the brakes

Stock markets are showing weakness globally today after Fed members announced that they will not rush to cut interest rates. Markets, which rallied this week in anticipation of the Fed implementing aggressive interest rate cuts in 2024, are hitting the brakes this morning. Finally, after Philadelphia Fed President Patrick Harker stated that they will also cut interest rates but will not rush to do so, global stock markets are falling this morning. The MSCI All Country Index is experiencing losses for the second day in a row. Both the S&P 500 and the Nasdaq 100 closed the day down 1.5 percent on Wednesday. Futures for both indices are rising slightly. Asia Pacific stocks fell led by Japanese indices, while the Topix fell 1.6 percent. Bond yields are moving in the low range. The US 10-year bond yield is up one basis point at 3.857 percent. The Bloomberg Dollar Index is down 0.2 percent at 1,224 points.