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Tech Roars in Post-Fed Rally as Bond Yields Slump: Markets Wrap

  • Fed hikes by 75 basis points as Powell sees no recession now
  • He says Fed will slow the pace of rate hikes at some point
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Fed Raises Interest Rates by 75 Basis Points
Updated on

Stocks rallied and Treasury yields fell with the dollar as Jerome Powell said the Federal Reserve will slow the pace of rate increases at one point, while adding that officials would refrain from offering “clear guidance” on the magnitude of their next move.

About 85% of the S&P 500 companies rose, while the Nasdaq 100 soared over 4%, the most since November 2020. Two-year US yields tumbled as much as 10 basis points. Expectations for the pace of Fed hikes eased -- with swap markets showing 58 basis points of tightening priced in for September.