Before the weekend, the S&P 500 closed above its opening level for the first time in seven sessions. It did not close the opening gap, but rallied strongly into the close, encouraged by hints from somber Federal Reserve Chairman Powell that a rate cut is likely. Powell has been criticized for striking wrong chords in press conferences and statements. Still, he did well this time as he indicated greater flexibility than the mantra that has been dragged out repeatedly about how the economy and policy are in a good place. When Powell talked of a midcourse correction, he used language that indicated three rate cuts. His ... (full story)