NEW YORK — Stocks are holding on to gains after Federal Reserve Chair Jerome Powell said more rate hikes could be on the way to continue the Fed’s fight against inflation. The S&P 500 was up 0.4% Friday morning, coming off its worst loss in three weeks. The Dow was up 101 points and the Nasdaq composite was up 0.7%.
But such hopes have been diminishing following a string of stronger-than-expected reports on the economy. They could be putting upward pressure on inflation, and the worry is that Powell at the least will say no cuts to rates are coming early next year, as some traders have bet. He is scheduled to speak at 10:05 a.m. Eastern time.
High yields mean bonds are paying more in interest to investors. They also make investors less likely to pay high prices for stocks and other investments that can swing more sharply in price than bonds.
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