Powell allayed his concerns about the possibility of a more aggressive rate hike, saying he tended to favor rate hikes by 25 basis points on March 25. Traders now see his 95% chance of a rate hike of his 25 basis points in March.
All of his 11-sector indices of the S&P 500 rose, and financial stocks rallied after the week’s sharp decline. The banking index also recovered after reaching its lowest level since September 2021 in the previous session.
Wall Street fell sharply on Wednesday after Federal Reserve Chairman Jerome Powell suggested the central bank was likely to raise interest rates lower than some investors had feared. Closed the deal with a higher price. Powell’s comments to the US House Financial Services Committee helped reassure investors after Russia’s invasion of Ukraine rocked markets.
Ukrainians said fighting continued in the port of Kherson, the first major city…
