Market Explodes Higher On Powell Slow Down In Rate Hikes

  • Post category:Stock Trading
  • Reading time:2 mins read
Get Email Alerts and Follow Us:
SOCIALICON

After Federal Reserve Chair Jerome Powell indicated a 50 basis-point rate hike in December 2022, US stocks shot up in afternoon trading on November 30, 2022.

Powell said it makes sense to moderate the rate increases as the Fed approaches its anticipated peak in benchmark interest rates in speech at the Brookings Institution in Washington.

Some institutional investors are betting that the Federal Reserve is at or very near peak rates this Bull/Bear cycle and the fact that the pace of rate hikes will begin slowing in December 2022 bolsters that bet.

Fed Chair Powell speaks at The Brookings Institute on economic outlook 11/30/22

SPY exploded higher on Powell’s comments and it looks set to continue to trade in an uptrend channel. SPY is in a technical weak uptrend; however, the market is approaching overbought levels so profit taking or even a trend reversal is possible.

spy
Get Email Alerts and Follow Us:
SOCIALICON