Fed meeting recap: Powell pretty much rules out a hike as the central bank's next move
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The Federal Reserve kept the fed funds target rate at 5.25% to 5.5%. Chair Jerome Powell said it was unlikely the central bank's next move would be a hike.

Federal Reserve Chair Jerome Powell said it was unlikely that the central bank’s next move will be a rate hike. The comment spurred a rally for the three major averages, with the Dow surging more than 500 points in its session high. Central bank policymakers kept rates steady at the conclusion of their May meeting, holding at a range of 5.25% to 5.5%.