Stocks soared Tuesday, with the S&P 500 Index gaining 2.14% in its biggest rally since the start of January on comments from Federal Reserve Chair Jerome Powell that the market interpreted as decidedly dovish. Although he didn’t say the central bank is poised to cut interest rates, Powell said the next best thing, which is that the Fed will “act as appropriate to sustain the expansion.” This was welcome because as head of the Fed, Powell has committed some incredible communication gaffes. In December, he said that the federal funds rate was still a long way from a neutral level, even though...
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