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Why Rebounding Stocks May Not Be a Good Thing

After dropping for the first 5 ½ months of the year, the S&P 500 has rebounded 8.5% since June 15 and 4.7% since July 26, the day before the Federal Reserve raised interest rates. Investors have turned enthusiastic toward stocks partly because Fed Chairman Jerome Powell said after the rate hike that the central bank will eventually slow its rate hike campaign. Never mind that the Fed said in its statement announcing the rate increase that it "anticipates that ongoing increases in the target range [for the federal funds rate] will be appropriate."
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