Forex
Waller's Rate Comments Spark Market Rally, Yen Soars
Fed Governor Christopher Waller's comments sparked a rally in the stock market and pushed bond yields lower on Thursday. Waller said he is inclined to hold interest rates steady later this month, which contradicts some market expectations of a rate hike.
The Japanese yen also saw its strongest New York trading day close since the U.S.-Iran war started, rising 2% against the dollar. The strong performance was likely due in part to Waller's comments and the overall market sentiment.
Nvidia announced a $13 billion purchase of Hugging Face, a popular developer platform, which is seen as a bet on the growth of open AI models. This deal follows Nvidia's previous investments in Taiwan's MediaTek and OpenAI's Ohio data-center lease.