Fed’s Powell dumps American dollar, as USA share jumps

Jerome Powell says Federal Reserve ready to adjust policy if needed can be patient

Volume on US exchanges was 8.68 billion shares, compared to the 9.14 billion average over the last 20 trading days.

The Dow Jones Industrial Average on Friday jumped to a fresh peak as a trio of bankers, headlined by current Chairman Jerome Powell, underscored the health of the USA economy but also expressed an attentiveness to a market that has grown fragile amid a spate of interest-rate increases. The tensions have dragged on for almost a year, slowing business and dragging down stock indexes worldwide.

Oil rose almost 2 percent on Friday after proposed trade talks between the United States and China eased some fears about a global economic slowdown, but gains were capped after the United States reported a sharp build in refined product inventories.

The stock market's plunge also threatened to shake up the confidence and the spending plans of businesses and consumers. "He said a "supply-side revolution" is allowing the USA economy to grow without raising the threat of inflation". But she said the turbulence may also stem from a different view of the economy than that shared by many Fed officials who feel confident USA growth will remain on track for the next year, with labour markets still strong.

Private economists viewed Powell's comments as a strong signal that the Fed, which in December had projected another two rate hikes in 2019, may end up deciding to pause hikes for several months.

Overall, she said she felt the Fed was in a "really good spot". He also said that he would not resign if asked to do so by U.S. President Donald Trump.

"Any issue they have is going to be magnified in the market, " he told economists in Atlanta on January 5.

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The S&P 500 index climbed 53 points, or 2.2 per cent, to 2,501 at 10:05 a.m. More importantly for Treasury investors, wages jumped 3.2 percent from a year ago, gaining 11 cents between November and December, an increase of 0.4 percent.

About 90 per cent of the stocks on the New York Stock Exchange traded higher.

Stocks also got a boost after China took steps to encourage bank lending and stimulate the country's flagging economy.

Speaking after months of volatility in world bond and stock markets, Powell avoided some of the communication missteps that in the past have roiled rather than calmed investors. Most of the companies in those industries stand to do better in times of faster economic growth.

Bourses in Paris, Frankfurt and London all surged at least two percent, also boosted in part by the United States momentum. Smaller companies have fallen further than larger ones in the last few months as investors got nervous about how the USA economy will perform in 2019 and 2020.

Stocks have been unusually volatile in recent weeks. USA stocks have tumbled over the last three months as investors anxious that the economy might slow down dramatically because of a variety of challenges including the trade dispute and rising interest rates.

"Despite this dovish tone, we are sceptical", Schenker said in a note.

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