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Powell strikes reassuring note as Fed takes worst-case scenarios off table

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Published Thu, May 5, 2022 · 10:50 AM
    • Traders on the floor of the New York Stock Exchange. The Dow Jones Industrial Average rose by more than 930 points on Wednesday after the Fed hiked interest rates by 50 basis points but said an even bigger 75-basis-point hike was not on the table.
    • Traders on the floor of the New York Stock Exchange. The Dow Jones Industrial Average rose by more than 930 points on Wednesday after the Fed hiked interest rates by 50 basis points but said an even bigger 75-basis-point hike was not on the table. AFP

    ROB CURRAN

    THE United States stock market surged on Wednesday after the US Federal Reserve’s near-nightmare policy decision stopped just short of a worst-case scenario.

    The Dow Jones Industrial Average rose by more than 930 points and major indexes jumped by the most in 2 years, after the Fed hiked interest rates by 50 basis points – the first time since 2000 for a hike of that scale – but said an even bigger 75-basis-point hike was not on the table.

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