Powell says progress made against inflation – but US jobs data is much stronger than expected

Market Review from Realm Investment Management – week ending 3rd February 2023

Stock-markets rallied mid-week after the US Fed lifted interest rates by 0.25% which suggested a slower pace of rate hikes was ahead. At the press conference following the announcement, Chairman Jerome Powell said there had been progress in the battle against inflation but noted that average hourly earnings gains were still “fairly elevated”.

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