Stocks are holding on to gains after Federal Reserve Chair Jerome Powell said more rate hikes could be on the way.
The continued strength of the U.S. economy could require further interest rate increases, Federal Reserve Chair Jerome Powell said Friday in a closely watched speech that also highlighted the uncertain nature of the economic outlook.
Stocks are holding on to gains after Fed Chair said more rate hikes could be on the way. The S&P 500 was up 0.4% Friday morning, coming off its worst loss in three weeks. The Dow was up 101 points and the Nasdaq composite was up 0.7%. "There were no revelations from Fed Chair Jerome Powell's widely anticipated speech in Jackson Hole, just a reaffirming that the Fed is squarely focused on getting inflation down to 2% and they intend to see the job through," Greg McBride, CFA and chief financial analyst at Bankrate.com, noted in a report.
Substantially higher loan rates, a direct result of the Fed's rate hikes, have made it harder for Americans to afford a home or a car or for businesses to finance expansions. At the same time, items like rent, restaurant meals and other services are still getting costlier."Core" inflation, which excludes volatile food and energy prices, has remained elevated despite the Fed's streak of 11 rate hikes beginning in March 2022.The overall economy has nevertheless powered ahead.
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