Global markets rallied broadly this morning after the U.S. Federal Reserve kept interest rates on hold yesterday and Fed chairman Jerome Powell made it clear he would pursue monetary policy, and fight inflation,

US stocks end lower as the Fed meets on interest rates. No rate move is forecast. Investors also want to see trade deals, which haven't materialized.

U.S. stocks opened the session higher on news China and the U.S. will begin trade talks later this week in Switzerland.

President Trump said the following Thursday during the announcement of the US-UK trade deal when asked about Federal Reserve Chair Jerome Powell: QUESTION: The Federal Reserve Chairman says that you would have to call him for a meeting.

The deal with the U.K. is expected to be the first in a string of many between the U.S. and its key trading partners. Earlier this week, Treasury Secretary Scott Bessent told the House committee Tuesday that the U.S. has 18 "important trading relationships" and is currently negotiating with 17 to reach deals.

Global equities rose on Thursday, with Wall Street outperforming, while the dollar and Treasury yields also gained after the United States and United Kingdom outlined a trade deal.

US stocks closed higher but bonds sold off as President Trump announced a trade deal with the U.K. but a prominent bank warned of coming inflation.