Federal Reserve Chair Jerome Powell hinted the central bank might be done raising interest rates for now but was careful not to rule out another increase after officials extended a pause in hikes.
Officials voted unanimously on Wednesday to leave rates unchanged at a 22-year high. “The committee is proceeding carefully,” Powell said during a press conference where he said nothing to shift the market’s expectation that officials won’t raise rates in December.
Stocks climbed, with the Dow Jones Industrial Average up 0.7%, or nearly 222 points. Bonds extended a rally that began Wednesday morning when the Treasury Department announced plans to slow the pace at which it issues longer-term debt. Yields on the 10-year Treasury note closed at 4.790%, down 0.084 percentage point from 4.874% on Tuesday. Yields fall as bond prices rise.
Read the full story here.