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Need to Know: This good news for markets may have an expiry date, warns J.P. Morgan

We’ll find out later — maybe — if there’s any meat on the bone of Tuesday’s stock rally that will see more to come today after the S&P 500 SPX, +0.01% was left just 1% away from a fresh record close.

While ECB President Mario Draghi got that rally rolling with some unexpectedly dovish comments and fresh hopes on a U.S.-China trade deal carried it further, few are expecting the Fed to send stocks into the stratospheres by announcing any policy change on Wednesday afternoon. But they do expect Fed Chairman Jerome Powell to drop biggish hints about at least one interest cut by year-end.

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