Fed's Powell confirmed a Fed rate cut at the end of this month by warning that uncertainties since the June FOMC had "dimmed the outlook" and that muted price pressures may be more persistent. It ignited an equity and bond market rally (bullish steepening) while the dollar was sold. The MSCI Asia Pacific Index rose for the second session, led by gains in South Korea and Hong Kong. Benchmark 10-year yields have slipped lower, with the Asia Pacific and core European yields are 1-2 bp lower. Peripheral European yields are 2-5 bp lower. Chinese markets showed a more muted response. US shares are trading firmer, and the ... (full story)