A Poignant Moment In Financial History Sparks Stocks
On December 19th, the Fed chair announced a quarter-point hike in interest rates, and a bear market in stocks immediately ensued — even though the economy is strong.
Friday's performance by Mr. Powell was an extraordinary display of transparency at a pivotal moment. Neil Irwin, an economics writer at The New York Times, introduced the nation's No. 1 central banker and immediately asked the nation's most influential financial official if he had made a mistake by raising rates.
"I think the markets are pricing in downside risk," Mr. Powell responded. "They're obviously well ahead of the data."
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