Good morning. The Australian central bank struggles to convince markets with its hawkish message. Ford recalibrates its EV strategy again. James Gorman leads Disney's CEO search. Here's what's moving the markets. —Isabelle Lee
US stocks rose as the Federal Reserve's latest meeting minutes and a big downward revision of US payroll numbers strengthened expectations of a rate cut in September. Nearly all major groups in the S&P 500 rose, with the index closing at a five-week high. Short-term Treasuries outperformed, with the two-year yield narrowing after falling almost 10 basis points. Traders are again pricing in more than a percentage point of easing by the end of the year, which starts next month. The Fed's Jackson Hole Economic Symposium opens on Thursday, with Chairman Jerome Powell due to speak on Friday. Bespoke Investment Group said the S&P 500 is on track to enter the symposium with its second-strongest year-to-date performance since 2000.
