The US stock market had its worst decision day performance since December, as Powell downplayed the expectations for a rate cut in September

U.S. stocks (in New York) fell in the afternoon, as Wall Street had hoped the Federal Reserve would signal an upcoming interest rate cut on Wednesday, but this expectation was largely unmet. Federal Reserve Chairman Jerome Powell stated that no decision had been made regarding a rate cut in September, which disrupted the initially calm reaction from investors. He noted that the U.S. labor market "looks robust," while inflation remains above target. Traders interpreted these remarks as unfavorable for an immediate rate cut. U.S. stocks erased their gains, with the S&P 500 index down 0.1%. Although the declines in the stock and bond markets appeared relatively mild, this marked the worst performance on a Federal Reserve decision day since December