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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This means nothing unless the free money faucet is turned off.
Good! Your are doing more harm than good.
Slow down? It’s only at 2% on Money Markets!
Fake
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