The news that sculpted sentiment for this week

[ExnessOfficial]

As we glance back at last week’s news, several significant events took place in the financial world, offering insights and setting the stage for what might come next this week.
Here's a summary of the most impactful developments in trading, economics, and global markets.

Federal Reserve and interest rate speculations​

All eyes were on Federal Reserve Chair Jerome Powell as investors eagerly awaited his highly anticipated speech at an economic conference. The focus was on clues regarding the Fed's next moves, particularly how soon and how aggressively they might begin cutting interest rates. With the Fed’s benchmark interest rate sitting at a 23-year high, any hints about easing could have substantial implications for market strategies and economic outlooks.

Rising energy costs and economic impact​

In the UK, the energy regulator Ofgem announced a 10% increase in the energy price cap starting in October. This change means that households will face higher energy bills as winter approaches, adding pressure on consumer spending. The increase is expected to ripple through the economy, potentially dampening consumer confidence and impacting overall economic activity during the colder months.

Mortgage market competition heats up​

In Australia, the Commonwealth Bank of Australia made a bold move by cutting interest rates on select home loans for new customers. This decision reignited fears of a mortgage war, as other lenders might follow suit, leading to more aggressive competition in the housing market. Such competition could drive changes in lending practices, affecting both new borrowers and the broader real estate market.

Follow this link for more: https://exness.social/insights