![At Jackson Hole, The Fed Throws Cold Water On Investors](/uploads/5/7/9/3/57932395/published/woman-g23a79eb71-640.jpg?1662509829)
David Alan Carter
The markets had been on a tear. Driven by modestly positive inflation data that spurred hopes the Federal Reserve would take a less aggressive approach to future rate hikes, the tech-heavy Nasdaq Composite rallied a whopping 20% between mid-June and mid-August.
Of course, it was still on the wrong side of its 200-day moving average, and would need to climb another 17% just to break even with the high it made in late November 2021. But it was a heck of a summer rally just the same.
The operative word is “was.”
The markets had been on a tear. Driven by modestly positive inflation data that spurred hopes the Federal Reserve would take a less aggressive approach to future rate hikes, the tech-heavy Nasdaq Composite rallied a whopping 20% between mid-June and mid-August.
Of course, it was still on the wrong side of its 200-day moving average, and would need to climb another 17% just to break even with the high it made in late November 2021. But it was a heck of a summer rally just the same.
The operative word is “was.”