Wall Street Is Feeling Good. How About the Rest of Us?
Jerome Powell didn't exactly say “mission accomplished” last week, but that's largely what the markets heard.
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Jerome Powell didn't exactly say "mission accomplished" last week, but that's largely what the markets heard on Wednesday. In the wake of the December Federal Open Market Committee meeting, which showed 75 basis points worth of cuts expected in 2024, the Dow hit its all-time high and the 10-year yield fell below 4% for the first time since late July.