Federal Reserve Chairman Jerome Powell has signaled that the central bank would slow its rapid rate hikes, thereby lifting investor sentiment. Powell has stated that the rate hike slowdown might come as soon as December.
Moreover, U.S. consumer spending came in strong for October as inflation moderated. The Commerce Department stated that consumer spending jumped 0.8% after an unrevised 0.6% increase in September. Inflation-adjusted consumer spending rose 0.5%, the highest since January, and the economy grew at a 2.9% pace in the third quarter.
