Federal Reserve Chair Jerome Powell said on Wednesday that the central bank could slow the rapid pace of interest rate hikes at its December meeting while indicating a protracted economic adjustment to a world where borrowing costs remain high, and inflation comes down slowly.
After the Fed Chair’s speech suggesting slower rate increases, stocks rallied. The three major indexes, the S&P 500, Dow Jones, and Nasdaq Composite, have climbed 9.7%, 8.1%, and 9% over the past month, respectively.
