(Nov 29): Federal Reserve Chairman Jerome Powell opened the door for a potential pullback in projected interest-rate hikes for 2019 following a widely expected increase in December.

In what was seen as a shift in tone from remarks last month, Powell said Wednesday that the Fed’s series of rate increases had brought policy to “just below” the range of estimates of neutral, where it neither spurs nor restricts the economy. He also noted that the economy had yet to feel the full impact of the hikes.

Powell’s comments sparked a surge in a stock market that had struggled of late and came in the wake of repeated criticism of the Fed’s rate increases by President Donald Trump.

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