President Trump can’t take credit for yesterday’s market climb. All the glory goes to Jerome Powell.
Even though Fed Chair, Jerome Powell, offered nothing to dispel market expectations of another rate increase at their December meeting. He did give hope that the rate hikes may be close to an end.
Powell said, “interest rates are ‘just below’ broad estimates of a level considered neutral, a setting designed to neither speed nor slow economic growth.” Powell continued, “There is no preset policy, We will be paying very close attention to what incoming economic and financial data are telling us.” https://on.wsj.com/2RkHLF2
The Dow industrials added over 600 points and it was not alone. All three indexes are up more than 4.2% for the week. This was the first time the benchmarks climbed in three consecutive sessions since November 1st.
Trump is not out of the woods though. Investors now turn to Trump’s upcoming meeting with Chinese President Xi Jinping to see what happens with trade.
Considering President Trump on Wednesday said the White House was studying whether it should impose import penalties on all foreign automobiles in response to General Motors’ announcement. I wouldn’t hold my breath… https://wapo.st/2TTbvuh
“Another Georgetown Prep alum to the rescue…”