Fed Shows Flexibility

Last week, dovish language from the Federal Reserve (Fed) fueled one of the strongest rallies in U.S. stocks this year. On November 28, the S&P 500 Index posted its biggest daily gain since March and the U.S. dollar dropped the most in two weeks after Fed Chair Jerome Powell said current interest rates are “just below neutral,” referring to the point where monetary policy is neither accommodative nor restrictive for the economy.

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