Tech stocks have rallied nearly 35% this year, and the Dow is on track for a 14-day winning streak after notching its longest rally since mid-1987 on Wednesday.by another quarter of a percentage point on Wednesday, as expected, and Chair Jerome Powell wouldn’t rule out another rate hike this year, perhaps as early as September. But Powell repeated the Fed’s stand that its decisions would be driven by data, and recent economic reports show signs that inflation is cooling.
Powell suggested on Wednesday that the economy is growing at a slightly better “moderate” pace, an upgrade from “modest,” adding that the Fed no longer forecasts a recession.for the second quarter rose 2.4% from the prior quarter, better than expected. While Powell says the Fed’s work to fight inflation and push it back to its 2% annual target rate, is still not done, market watchers are warming to the idea that the rate-hiking is over. Futures traders see a greater than 50% probability rates will stay at the new current level this year, while some see about a 30% probability of one more increase.
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