U.S. consumer sentiment hits highest in 6 months...the impact of a rate cut

Consumer sentiment among Americans is also improving amid the growing prospect of so-called "no-landing" in the U.S. to achieve both price stability and economic growth.

The University of Michigan consumer sentiment index for October, which reflects consumer confidence in the U.S. economy, stood at 70.5, the highest level in six months since April and continued its three-month winning streak.

In the aftermath of the Fed's interest rate cut, the gradual improvement in the conditions for purchasing durable goods, which require loans and installment financing, contributed to the improvement of consumer sentiment.

The University of Michigan said it has seen a drop in the share of consumers who cite high interest rates as a negative factor when purchasing homes or vehicles.