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Stocks rally on Powell rate remarks

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Markets shot up after Fed chair Jerome Powell rolled out a fairly hawkish speech on Wednesday — the S&P by over 3% and the Nasdaq composite by 4.4%.

Fed chair Jerome Powell rolled out a fairly hawkish speech Wednesday, and the markets … rallied?Powell spoke at 1:30pm at the Brookings Institution, his last public appearance before the FOMC policy meeting in two weeks.toward lower inflation just yet — and that rates may ultimately peak even higher than he thought just a few months ago., he said the Fed could shrink the size of its rate hikes as soon as its December meeting.

Despite Powell's insistence that we haven't seen much progress in the inflation fight, that December comment made waves. "The signal that the Fed is going to slow down in December was unambiguous," wrote Krishna Guha of Evercore ISI in a research note.

 

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Now do the DOW. 🙄

It comes down to two words. Was pain and is now patience. That is all the market needs for a huge bounce.

The market is poised to explode everytime Powell takes a breath. Probably all that profit looking for deals.

“I do not think it means what you think It means.”

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