Market participants clung to every word uttered by Chair Powell as risk assets whipped around in a frenetic fashion during the afternoon US trading session.
Markets Ultimately, U.S. stocks finished mixed after Powell stated that the interest rate cuts Wall Street desires are still likely, albeit potentially delayed due to stubbornly high inflation. The S&P 500 fell 0.3% on Wednesday after a significant afternoon rally evaporated. Meanwhile, the Dow Jones Industrial Average rose 0.2%, and the Nasdaq composite lost 0.3%.
At the end of the day, the global investment community is left betting on an extremely complicated set of hypotheticals where the landscape often feels like trying to decipher a complex puzzle with constantly shifting central bank policy pieces. May's decision was no decision at all, as traders had ruled that out weeks ago.
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