Bulls return as Fed chair Powell sprouts the wings of a dove

MUCH to the delight of stock and bond buyers, Federal Reserve chairman Jerome Powell has shed his hawkish persona and sprouted the wings of a rate-cutting dove.

At a press conference following the final Federal Open Market Committee (FOMC) meeting of the year, Powell on Wednesday (Dec 13) dispelled the rate-hike terror that had precipitated the longest bear market since the 2008 financial crisis.

Fed officials even pencilled in a series of rate cuts in 2024, setting the stage for new record highs on the Dow Jones Industrial Average and other major indices.