Wall Street indexes buoyed by news of likely Fed interest rate cuts

Federal Reserve indicated borrowing costs would be lower next year as inflation falls faster than expected

Wall Street’s main indexes rose on Thursday, with the tech giant Apple notching a record high, a day after the Federal Reserve hinted at an end to its aggressive rate hike campaign and signaled that borrowing costs would be lower next year.

The Fed left interest rates unchanged on Wednesday, as expected, with the chair, Jerome Powell, saying the historic tightening of monetary policy was probably over, as inflation falls faster than expected, and discussions on cuts in borrowing costs were coming “into view”.

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