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Stocks rally to records as Fed chair signals interest rates will remain low

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Wall Street rallied Friday after the Fed said it's still far from pulling interest rates off the record low that's helped markets soar, even if it does begin dialing back support for the economy this year.

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Treasury yields were lower, but only after some swings. After sitting at 1.35% shortly before Powell’s speech, the yield on the 10-year Treasury sank as Powell cited the past premature moves by policymakers on worries about short-term bursts in inflation, saying “such a mistake could be particularly harmful” now.

Powell also said that the coronavirus’ Delta variant is complicating things, though he still expects improvements to continue. The report also showed that a gauge of year-over-year inflation preferred by the Fed held steady at 3.6% in July, slightly higher than economists expected.The next date circled on investors’ calendars is in a week, when the government reports how many people businesses hired in August. A strong report could give the Fed even more leeway to begin slowing its bond purchases.

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