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U.S. Stocks Rise on Powell’s Dovish Taper Tone

Jennifer Bissell-Linsk and Vildana Hajric | August 27 , 2021

On Aug. 27, U.S. equities rose to another record high as investors took assurance from comments by Fed Chairman Jerome Powell that the withdrawal of stimulus would be gradual.

Powell said the economy has now met the test of “substantial further progress” toward the Fed’s inflation objective while the labor market has also made “clear progress.”

Jeffery Elswick, director of fixed income at Frost Investment Advisors, appeared on Bloomberg’s broadcast show “Real Yield,” telling anchor Romaine Bostick, “I would fully expect that they will formally start slowly cutting asset purchases in October. But as long as they continue to be ultra-dovish on future rate hikes, I don’t think it will create a huge market reaction--at least initially.”

Excerpted from Bloomberg on August 27, 2021. To read full article, click here. 

To watch the full episode of Bloomberg’s “Real Yield,” click here. 

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