BREAKING: Stocks surge, Dow exits bear market as Powell pumps up investors
U.S. stocks rose across the board after Federal Reserve Chairman Jerome Powell signaled smaller rate hikes may begin as soon as December. The Dow Jones Industrial Average gained over 700 points exiting the bear market that began in September. In commodities, oil rose 3% to $80.55 per barrel. Federal Reserve Chair Jerome Powell delivers opening remarks to a"Fed Listens" session in Washington Sept. 23, 2022.
Following his prepared remarks, Powell was interviewed by Hutchins Center director David Wessel and took questions from the audience.The Fed chair said there’s an incentive for moderating employment demand. “Right now people’s wages are being eaten up by inflation,” Powell said, while noting wages at the lower end are rising faster than inflation.
“We understand that real wages are not going up for most people,” Powell said. “This labor shortage doesn’t look like it’s going away any time soon.” As a result, Powell expects investment in labor replacement technology.The Fed chair says the natural assumption is to assume inflation will recede, but that hasn’t happened.
“At a certain point we’re just going to call it,” he opined, noting the Fed wants to stop at a place “where it’s safe.”
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