Global stocks jumped after Federal Reserve Chair Jerome Powell reaffirmed interest rates would stay low for a long time, calming market fears that higher inflation might prompt the central bank to tighten monetary policy
Federal Reserve Chair Jerome Powell: "The economy is a long way from our employment and inflation goals."
Shares on Wall Street ended higher on Wednesday, as a selloff in technology-related stocks eased and a rotation into cyclical shares continued after Federal Reserve Chair Jerome Powell’s comments calmed inflation worries.
Jerome Powell, Chair of the Federal Reserve: "The debt is growing faster than the economy. This is not the time to act upon those concerns" Time for Plan ₿
Federal Reserve Chair Jerome Powell called the economic recovery “incomplete” and urged additional support to avoid “unnecessary hardship” for people and businesses hit hard by the pandemic.
Federal Reserve Chair Jerome Powell warned that the nation's unemployment rate could soar to 25 percent during the worst of the pandemic