Markets rose Wednesday on growing hopes of US interest rate cuts after soft inflation data, with Japan’s Nikkei hitting a second record high in as many days.

The S&P 500 and Nasdaq finished at fresh highs Tuesday after US data showed a tamer-than-feared impact on prices from President Donald Trump’s tariff blitz.

That boosted hopes among that the US Federal Reserve and its embattled chief Jerome Powell will cut interest rates next month.

“Jerome ‘Too Late’ Powell must NOW lower the rate,” Trump said on Truth Social, while also threatening a “major lawsuit” over renovations to Fed buildings.

The US consumer price index reading for July showed annualised inflation at 2.7 percent, unchanged from a month earlier.

Investors calculated that the benign data was not enough to sway the Fed awa

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