The stock market lately has been known to stumble on Federal Reserve rate-decision days under Chairman Jerome Powell.
It eked out a gain in June after the Fed’s decision to “skip” a rate hike for the first time in over a year. But the S&P 500 index SPX previously closed lower five out of the past six Fed decision days. Powell has been using recent post-meeting briefings to push back on investor hopes for rate cuts, while also saying rates will likely remain high for some time, to help drive inflation down to the central bank’s 2% yearly target.Bespoke data also shows the S&P 500’s weaker overall performance on Fed days under Powell when compared with three prior central-bank heads since 1994, when the Fed began announcing policy decisions on the same day as meetings.
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