Today, as was widely expected, the Federal Reserve held rates steady at the current target rate range of 5.25% – 5.50%.
Wall Street got what it wanted – a dovish Powell who, frankly, didn’t present any major obstacle to a rate cut at the Fed’s September meeting.
As for Wall Street’s response, it was already in a good mood leading into Powell’s press conference. That was based on chip giant AMD’s strong earnings that reinforced the AI megatrend as a dominant market influence.
But Powell did nothing to dampen the mood.
This post appeared first on InvestorPlace.