S&P 500 · November 30, 2022
The day they said they would slow down
+3.09%
single-day change vs previous close
Part of a longer stretch
The peak-inflation rally
early in it · 2022-10-12 → 2024-01-19, +35.30% over the whole period
What happened that day?
- The S&P 500 rose 3.09% on the day
- In a speech the Fed chair said the pace of increases could slow as soon as December
- What had pressed on the market all year was not the level of rates but how fast they were rising. This came after four consecutive three-quarter-point steps
- Slowing the pace is not the same as changing direction. That it still produced such a gain shows how low expectations had fallen
- From this period the market began reacting sharply to every inflation reading, because prices had to turn before the raising would stop
- 12 October had been the bottom of that year's bear market, and the recovery that started there ran into 2024
Sources
Every figure on this page is recomputed from the original daily closing prices and checked against them at build time. The account of what happened is written from the sources listed above.