Powell Dovish Hint Suggests December Rate Hike Pause, U.S. Stock Market Indexes and Cryptocurrencies Rise Together

On the 30th, Federal Reserve Chairman Powell stated that "slowing down the pace of rate hikes makes sense," hinting at a slower rate hike in December. As a result, the four major U.S. stock indices all surged, with the Dow rising nearly 740 points, the S&P up over 3%, the Nasdaq climbing 4%, and the Russell soaring 5.8%.

Federal Reserve Chairman Powell said on the 30th that "slowing down the pace of interest rate hikes makes sense" and hinted at a slower rate hike in December. The four major U.S. stock indexes collectively rose, with the Dow Jones up nearly 740 points, the S&P up over 3%, the Nasdaq up 4%, and the Russell soaring 5.8%.

Powell delivered a dovish signal at the Brookings Institution in Washington on the 30th, setting the tone for the last month of monetary policy this year. Stocks, precious metals, and cryptocurrencies shined. Cryptocurrencies grew by 3.11% to $860 billion.

Powell added that there is still a long way to go to restore price stability, stating, "History strongly warns against premature easing policies. We will persevere until the job is done."

The latest data from the FedWatch Tool at the Chicago Mercantile Exchange (CME) shows that traders expect the probability of a 2-notch rate hike to 4.25% and 4.5% in December has increased from 68% on Tuesday to 77%.

This article is authorized to be reprinted from Horizon News Network