The S&P/TSX Composite Index rose 0.9% to close at a fresh record high of 31,180 on Wednesday as the rally from Tuesday extended and expectations for a December Fed rate cut climbed above 80% after softer US data and dovish Fed commentary. Reports that White House NEC director Kevin Hassett is the frontrunner for Fed chair, seen as aligned with the administration’s push for lower rates, reinforced prospects of easier US policy and supported risk appetite. Domestically, the federal government outlined roughly C$280 billion in infrastructure and productivity measures over five years which supports demand for Canadian capital. Gold rallied on firmer rate cut odds and that strength helped buoy the TSX, which has reached multiple records this year and is up nearly 25% on a combination of a gold safe haven lift and AI driven gains from major US technology names. Agnico Eagle (3.9%), Barrick (4.3%), Wheaton Precious Metals (3.7%), and Franco Nevada (2.9%) surged on higher gold prices.