Fed Chair Powell Says Fed Did The Right Thing By Holding Rates High As Long As It Did, Wanted To Be Confident Inflation Would Fall; The Half-Point Cut In September Was A Reflection Of Confidence In Inflation's Return To 2%
Portfolio Pulse from Benzinga Newsdesk
Federal Reserve Chair Jerome Powell stated that the Fed's decision to maintain high interest rates was justified to ensure inflation would decrease. The half-point rate cut in September indicates confidence in inflation returning to the 2% target.
September 30, 2024 | 6:29 pm
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POSITIVE IMPACT
The Federal Reserve's decision to maintain high interest rates and the subsequent rate cut in September could impact SPY, as it reflects confidence in inflation control, potentially stabilizing market conditions.
The SPY ETF, which tracks the S&P 500, is sensitive to interest rate changes. The Fed's decision to cut rates in September suggests confidence in inflation control, which could lead to more stable market conditions and potentially benefit SPY.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70