Markets jumped after Fed Chair Jerome Powell said the central bank was not contemplating bigger rate hikes than the half-a-percentage-point increase it delivered on Wednesday.
A trader working on the floor of the New York Stock Exchange in New York City on May 2. Stocks surged on Wednesday after the Fed's policy meeting.
But investors were relieved after Fed Chair Jerome Powell said policymakers weren't contemplating hikes larger than half a percentage point at a time, even as he made clear the Fed will continue to raise interest rates.markets last week, sending shares sharply lower. The Dow ended the day up by more than 900 points, and the S&P 500 gained almost 3 percent, with both notching their best day since 2020.
Powell said he and his colleagues would actively consider two additional half-point rate increases at their next two meetings in June and July.Fed Chair Jerome Powell takes questions during a news conference in Washington, D.C, on Wednesday. The Fed earlier raised interest rates by half a percentage point, its biggest hike in more than two decades.It's not only inflation.
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