Jerome Powell's comments on the need for wage growth moderation to achieve the Fed's inflation targets can impact investor sentiment and expectations regarding future interest rate hikes. Since SPY tracks a broad range of U.S. stocks, any anticipation of policy changes can lead to increased volatility or cautious trading in the short term. However, the direct impact on SPY's price is uncertain, as it will depend on how investors interpret these comments in the context of overall economic conditions and other monetary policy signals.