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Good morning from the newsroom of the Financial Times.

Today is Thursday, July 11. Good morning from the newsroom of the Financial Times.

Today is Thursday, July 11th, and this is your FT news briefing.

The Trump administration has launched an investigation into French plans to tax big tech companies, and Amazon

Music has become the fastest growing streaming service.

But first, Wall Street closed near record highs on Wednesday.

The F.T.'s James Pallidi walks us through what Fed Chairman Jay Powell said to give investors

a boost.

I'm Mark Filipino, and here's the news you need to start your day.

For months Donald Trump has wanted the Federal Reserve to cut U.S. interest rates, and it looks like the President might finally get his wish.

Fed Chairman Jay Powell gave a dovish testimony to Congress yesterday that cemented expectations of a rate cut at its

next policy meeting later this month.

Economic momentum appears to have slowed in some major foreign economies, and that weakness could affect the U.S. economy.

Moreover, a number of government policy issues have yet to be resolved and there is a risk that

weak inflation will be even more persistent than we currently anticipate.

And investors who have been anticipating a rate cut for several weeks sent Wall Street's main barometers near record highs. The S&P 500 Index briefly crossed the 3,000 point

threshold for the first time. The Nasdak and the Down Jones both closed in the green two.

Short-term U.S. Treasury bonds, which are sensitive to monetary policy moves, rallied alongside

stocks.

The dollar weakened against other major currencies.

...