Stocks rally after Fed chair signals slowdown in rate hikes
Wall Street equities rose on Wednesday while U.S. Treasury yields pared gains and the dollar lost ground after Federal Reserve Chair Jerome Powell said the central bank could slow the pace of interest rate hikes “as soon as December,” even as he cautioned that inflation was still too high.
“The market is taking this glass-half-full, it could’ve been worse approach. Powell didn’t really say anything that new,” said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute in Charlotte, North Carolina. “Policy continues to tighten. People are just not appreciating it,” he added, noting that even if the Fed were to pause rate hikes it is still shrinking the balance sheet which he sees as “almost as important if not more important than the level of rates.”
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