Tuesday saw gains in stocks as Jerome Powell, the chair of the Federal Reserve, acknowledged improvements in inflation but reaffirmed that the bank was not yet prepared to lower interest rates.
By 144 points, or 0.4%, the Dow Jones Industrial Average increased. The Nasdaq Composite increased by almost 0.7%, while the S&P 500 climbed by 0.5%.
Powell stated at a central banking seminar, “We’ve made quite a bit of progress in bringing inflation back down to our target.” “Before we begin the process of… loosening policy, we want to be more confident that inflation is moving sustainably down towards 2%.”
Source (CNBC)
