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Fed Chair Powell’s Comments on Bond Buying and Interest Rates Prompt More Stock Gains
Wall Street received some reassurance from Federal Reserve Chairman Jerome Powell at his much-anticipated Jackson Hole, Wyo., speech on Friday, and the result was new highs for the S&P 500 and the Nasdaq Composite.
As anticipated, Powell said the Fed might wind down its $120 billion program of monthly bond buying by year end, but he also signaled that the Fed was in no hurry to raise short-term interest rates from near zero. That could mean rate increases wait until late 2022.
The…
