The Federal Reserve made the widely expected move of leaving interest rates unchanged for a sixth straight meeting, citing a "lack of further progress toward its 2% inflation target." Equity investors celebrated nonetheless, as the Fed chief declined to take a more hawkish posture on rates going forward.
While the Fed's "higher-for-longer" stance on interest rates was already reflected in share prices, stocks perked up on some dovish remarks from Fed Chair Jerome Powell in his post-meeting press conference. Markets particularly liked the fact that the Fed chief said the possibility of rate increases was remote.
