And the stock market popped!
In a speech at the Brookings Institution, Fed Chair Jerome H. Powell said the central bank saw some signs that inflation was easing in the costs of goods and housing, but that the tight labor market remained a problem for controlling prices. The Fed has made huge moves to get interest rates high enough to slow the economy. And Powell said it makes sense for officials to “moderate the pace” of those increases as soon as the central bank’s upcoming meeting in mid-December.