Last week, US equities reached new all-time highs , thereby lifting global stock markets . This came on the back of Federal Reserve (Fed) Chair Jerome Powell ’s dovish policy statement . In that speech, Powell touted considerable progress in bringing down inflation, notwithstanding the bumps in the road toward the two percent target.In its policy meeting last week, the Fed kept its policy rate unchanged at 5.25 to 5.50 percent. The 2024 dot plot was likewise unchanged at 4.
6 percent, implying three rate cuts for this year. When he was asked about higher-than-expected inflation in January and February, Powell replied that “they (two months of recent inflation data) haven’t really changed the overall story, which is that of inflation moving down gradually on a sometimes bumpy road toward two percent.” Powell added that “we’re not going to overreact to these two months of data nor are we going to ignore them.”Powell further clarified his stance in his speec
US Equities All-Time Highs Global Stock Markets Federal Reserve Jerome Powell Dovish Policy Statement Inflation Rate Cuts
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