Stocks surge after Powell says Fed will slow down interest-rate hikes

The Federal Reserve will slow down the pace of interest-rate hikes, Chair Jerome Powell said on Wednesday, giving markets hope that the aggressive cycle of rate increases will ease up.

Stock markets surged in afternoon trading, with the S&P 500 gaining 3.1% to close at 4,080. The Dow rose 2.2%, to 34,590, while the tech-heavy Nasdaq soared 4.4%.Powell noted that, while the central bank may ultimately raise rates to a higher level than it initially planned, it would do so in smaller increments.

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Smaller rate hikes are likely coming in December, says Fed Chair Powell | CNN BusinessThe Federal Reserve could pull back on the pace of its aggressive rate hikes as soon as December, Fed Chairman Jerome Powell said Wednesday at an economic forum.
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U.S. stocks rally as Powell says pace of rate hikes likely to slow in DecemberU.S. stocks rallied Wednesday afternoon after Federal Reserve Chairman Jerome Powell said the central bank could slow the pace of interest-rate hikes in...
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