Soothing Talk by Federal Reserve Official Buoys Wall Street
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A trader on the floor of the New York Stock Exchange on Wednesday. In the coming weeks, economists will be poring over data to assess whether the tumult in financial markets is weighing on investment decisions and consumer spending. CreditAndrew Burton/Getty Images
Once again, the Federal Reserve helped save the day for investors.
The United StatesSTOCK MARKET
soared in late trading on Wednesday, shrugging off earlier declines in China and Europe. The powerful rally, which came after several days of severe plunges in the world’s major stock markets, was inspired by soothing words from an influential Fed policy maker.
At a news briefing in New York, William C. Dudley, president of the Federal Reserve Bank of New York, said that the recent turmoil in the financial markets was a risk to the United States economy. Crucially, he added that he found the prospect of raising interest rates next month “less compelling.”…
Soothing Talk by Federal Reserve Official Buoys Wall Street
