Wall Street advanced on Thursday as market participants looked past remarks by U.S. Federal Reserve Chairman Jerome Powell on Wednesday and weighed the possibility that the central bank will pause its restrictive interest rate hikes in the near future.
, worries that the Fed was overtightening and pushing the economy perilously close to recession, Powell's reiterance of the Fed's determination to cool inflation sparked a late session flight to safety.Comments from the Bank of England that inflation will probably quickly fade also helped fuel hopes of light at the end of the central bank tightening tunnel.
The BoE's commentary "paints a picture of a global central banking system that's ready to slow the pace of their hiking," Mayfield said. But economic data released on Thursday showed jobless claims inching lower and new home sales posting a surprise gain, providing fresh evidence that the economy is yet to show the kind of softening that would lend itself to cooling inflation.
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