Wall Street closed out a solid November with a broad market rally Wednesday after the head of the Federal Reserve said the central bank could soon begin easing up on its aggressive interest rate increases aimed at taming inflation.
U.S. Federal Reserve Chair Jerome Powell, speaking at the Brookings Institution, reaffirmed that the central bank could begin moderating its pace of rate hikes as soon as December, when its policymaking committee is due to hold its next meeting.
Powell's comments sent Treasury yields sharply lower. The yield on the 10-year Treasury dropped to 3.65% from 3.75% late Tuesday. The yield on the two-year note, which tends to track market expectations of future Fed action, fell to 4.34%. It was trading at 4.48% late Tuesday and had been as high as 4.53% shortly before Powell's speech.
Major indexes have been unsteady all year as the economy and financial markets dealt with stubbornly hot inflation and the Fed's attempt to cool high prices with aggressive interest rate increases. More than 95% of the stocks in the benchmark S&P 500 index notched gains Wednesday, with technology companies leading the gains. Apple rose 4.9% and Microsoft jumped 6.2%.
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