Fed Chair Jerome Powell Sticks To Disinflationary Script; S&P 500 Rises

Federal Reserve Chair Jerome Powell on Tuesday didn’t adopt a more hawkish tone in the wake of a surprisingly strong January jobs report. The S&P 500 rose solidly after Powell’s talk, after some volatile swings higher and lower.

Wall Street was on alert for more hawkish commentary after Friday’s jobs report showed a net gain of 517,000 jobs as the unemployment rate fell to a 53-year-low 3.4%.

On Monday, Atlanta Fed President Raphael Bostic said the persistent strength of the labor market may compel policymakers to hike further than anticipated.

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