Powell revives hopes of a Fed pivot. That’s a bad thing

Federal Reserve Chair Jerome Powell made investors very happy on Wednesday. US stocks popped after the central banker gave a speech strongly indicating that the Fed would ease the historically-high pace of interest rate rises at its next policy meeting in December.

​Federal Reserve Chair Jerome Powell made investors very happy on Wednesday. US stocks popped after the central banker gave a speech strongly indicating that the Fed would ease the historically-high pace of interest rate rises at its next policy meeting in December.