Wall Street's major indexes closed higher on Wednesday after the U.S. Federal Reserve kept interest rates unchanged and comments from its top official reassured investors even as he left the door open for further hikes and pointed to economic strength.
Traders work on the floor at the New York Stock Exchange in New York City, U.S., October 27, 2023. REUTERS/Brendan McDermidand comments from its top official reassured investors even as he left the door open for further hikes and pointed to economic strength.
Trading was choppy at the start of Powell's press conference but the major equity indexes started to regain some lost ground after about 20 minutes. "He wasn't as assertive about higher-for-longer, as he has been in the past. That's one takeaway bulls will be focused on, even though he indicated the Fed still has a ways to go to get to its 2% target," said James.Ellen Hazen, chief market strategist at F.L.Putnam Investment Management in Wellesley, Massachusetts said it was "hard to say if we are at the end of hikes.
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