AFP, New York :
Wall Street stocks pushed to fresh records Friday, while the dollar sagged as Federal Reserve Chair Jerome Powell said there was no sign of an overheating economy and policymakers expected to continue gradual interest rate increases. Speaking at the annual gathering of global central bankers in Jackson Hole, Wyoming, Powell said the US economy remained strong and anyone who wanted a job could find one. He said prices were rising at about the Fed’s target pace of two percent, signaling the US central bank does not expect to accelerate interest rate increases as some investors have feared.
“We have seen no clear sign of an acceleration above two percent and there does not seem to be an elevated risk of overheating,” Powell said in prepared remarks.
“I am confident that the FOMC would resolutely ‘do whatever it takes’ should inflation expectations drift materially up or down or should crisis again threaten.”
The Fed seems to be “doing as good a job as they can not to overshoot” the tightening of monetary policy, said David Levy of Republic Wealth Advisors. All three major US indices pushed higher, with the S&P 500 notching its first closing record since January and the Nasdaq jumping 0.9 percent to 7,945.98, smashing past a record set last month.
Wall Street stocks pushed to fresh records Friday, while the dollar sagged as Federal Reserve Chair Jerome Powell said there was no sign of an overheating economy and policymakers expected to continue gradual interest rate increases. Speaking at the annual gathering of global central bankers in Jackson Hole, Wyoming, Powell said the US economy remained strong and anyone who wanted a job could find one. He said prices were rising at about the Fed’s target pace of two percent, signaling the US central bank does not expect to accelerate interest rate increases as some investors have feared.
“We have seen no clear sign of an acceleration above two percent and there does not seem to be an elevated risk of overheating,” Powell said in prepared remarks.
“I am confident that the FOMC would resolutely ‘do whatever it takes’ should inflation expectations drift materially up or down or should crisis again threaten.”
The Fed seems to be “doing as good a job as they can not to overshoot” the tightening of monetary policy, said David Levy of Republic Wealth Advisors. All three major US indices pushed higher, with the S&P 500 notching its first closing record since January and the Nasdaq jumping 0.9 percent to 7,945.98, smashing past a record set last month.
