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Powell Pulls Away the Punchbowl

The chair says not to bet on fast rate reductions.

By Erik Sherman | November 18, 2024 at 07:02 AM

Immediately after the election, many on Wall Street were delighted. Stock indexes jumped, with the S&P 500, Dow Industrial Average, and Nasdaq all hit 52-week highs. Yields on the 10-year rose, meaning prices fell, which typically happens with inverse movements between bonds and equities.

And then they started to fall last week.

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