An index of global equity markets reached a new record for the second straight day on Wednesday, propelled partly by bullish sentiment on Wall Street as investors positioned for a likely interest rate cut from the U.

U.S. stocks turned mixed in Wednesday afternoon trading, and one reason may have to do with concerns over the timeline of expected interest-rate cuts from the Federal Reserve. Fed-funds futures traders currently expect rate cutting to begin by October,

Stock markets rose Wednesday, with Wall Street building on the previous day’s record highs after steady US inflation data fueled hopes that the US Federal Reserve will cut interest rates. The broad-based S&P 500 index and the tech-heavy Nasdaq extended gains after reaching new summits on Tuesday.