Powell Keeps Hawks At Bay, Signals Fed Is Near Destination: Stocks Rebound, S&P 500 Erases Losses
Portfolio Pulse from Piero Cingari
Federal Reserve Chair Jerome Powell signaled a more measured approach to interest rate hikes during a press conference, causing the S&P 500 to recover losses. The Fed held rates steady at 5%-5.25% and projected a rise to 5.6% in 2023.
June 14, 2023 | 7:53 pm
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The S&P 500, as tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY), recovered losses after Jerome Powell's press conference signaled a more measured approach to interest rate hikes.
Jerome Powell's press conference indicated a more measured approach to interest rate hikes, which led to a recovery in the S&P 500. This is directly related to the SPY ETF, as it tracks the S&P 500 index. The market's positive reaction to Powell's comments suggests a short-term positive impact on the SPY ETF.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100