Central Banks
Jerome Powell’s Pivot Fuels an All-Conquering Wall Street Rally
- Traders cheer as Fed chief eyes rate cuts to help labor market
- Rallying assets seen helping Powell’s bid to stabilize growth
A television station displays Jerome Powell speaking at the Kansas City Federal Reserve's Jackson Hole Economic Policy Symposium on the floor of the New York Stock Exchange in New York, on Aug. 23.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Jerome Powell’s most decisive signal yet that his inflation-fighting mission has been accomplished has helped restore order to markets that only three weeks ago were engulfed in the worst upheaval since the pandemic.
Now the return to calm is creating new riches on Wall Street — and boosting the Federal Reserve chair’s legacy-securing bid to avert an economic downturn ahead.