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

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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.

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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