The ASX200 hit a new all time high of 8,186 points in the first half hour of trade. After paring gains, at lunchtime the Index has been up 0.26% at 8,163 points. The US Fed Reserve delivered a super-sized rate cut of 50 basis points. Fed Chair Jerome Powell is striving to secure his legacy by delivering a much coveted “soft landing” for the US economy. Back home, traders are walking back expectations of an RBA rate cut. Bond markets now say it’s a 79% chance of a cut by Christmas, down from 85% yesterday. Markets have now priced in a 1 in 10 chance of a rate cut at the RBA’s meeting next week….
