A custodian cleans an electronic stock board showing Japan’s Nikkei index at a securities firm Monday, Aug. 26, 2024, in Tokyo. People stand in front of an electronic stock board showing Japan’s Nikkei index at a securities firm Monday, Aug. 26, 2024, in Tokyo. A person walks in front of an electronic stock board showing Japan’s Nikkei index at a securities firm Monday, Aug. 26, 2024, in Tokyo.
On Friday, the S&P 500 rose 1.1% to 5,634.61 after the index pulled within 0.6% of its all-time high set last month and has clawed back virtually all of its losses from a brief but scary summertime swoon. While careful to say the task is not complete, Powell used the past tense to describe many of the conditions that sent inflation soaring after the pandemic, including a job market that “is no longer overheated.” That means the Fed can pay more attention to the other of its twin jobs: to protect an economy that’s slowing but has so far defied many predictions for a recession.
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