| Mobile Web

Powell seen as more dovish than expected as Wall Street ends higher

Wall Street’s three main indexes closed higher after the Federal Open Market Committee cut interest rates by 25 basis points, marking a third straight cut of that size. The Fed set the target range for the federal funds rate at 3.50 to 3.75 percent. While the statement added language about considering the scale and timing of further adjustments, Powell’s press conference was seen as more dovish than expected, supporting stocks and pushing 2-year yields lower.