Fed Chair Jerome Powell strikes a new optimistic tone and as he points to falling inflation and says that he thinks we can avoid a recession

Federal Reserve Board Chairman Jerome Powell speaks during a news conference after a Federal Open Market Committee meeting on February 01, 2023 in Washington, DC. (Credit: Kevin Dietsch/Getty Images)

The stock market soared on Wednesday after Federal Reserve Chairman Jerome Powell said that inflation is coming down and he believes the U.S. will avoid a recession this year. 

“We can now say I think for the first time that the disinflationary process has started,” he told reporters, adding that he expects U.S. economic growth to be positive this year, even if it falls to a “subdued pace.”