The Nasdaq Composite jumped 1.7% Wednesday as investors took away a message of flexibility from the release of minutes of the early May Federal Reserve meeting about its path to higher interest rates.
Minutes from the May meeting showed support for half-point moves by the Fed as it seeks to get its policy rate “expeditiously toward neutral,” over the next couple of meetings and that high inflation remains a key focus. The fear is economic growth will slow quickly, with the war in Ukraine and China’s COVID lockdowns worsening the outlook.
The S&P 500’s recent testing of the 3,850 level, but then finding higher ground, helped inform his rationale. Cardillo also said investors have been “through the discounting process of high inflation,” aggressive tightening of financial conditions by the Fed and the probability of a recession.
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