April 19, 2006
HAVEN'T WE DONE ENOUGH DAMAGE:
Rate news sparks rally (ADAM GELLER, April 19, 2006, Chicago Sun-Times)
Stocks soared Tuesday on news that Federal Reserve policymakers believed their run of interest rate increases probably is nearing an end, propelling the Dow Jones industrials up nearly 195 points.
The report helped offset the effects of oil prices that passed $71 a barrel.
Wall Street was already climbing in mid-afternoon when the Fed released minutes of the Federal Open Market Committee's March 27-28 meeting that showed most of the panel's members "thought that the end of the tightening process was likely to be near, and some expressed concerns about the dangers of tightening too much, given the lags in the effects of policy."
That's what Chairman Bernanke is there for. Posted by Orrin Judd at April 19, 2006 9:11 AM