U.S. equity indexes surged into positive territory as Federal Reserve Chair Jerome Powell spoke on Wednesday on his acknowledgement that the “time for moderating” interest-rate increases “may come as soon as December.” The market seized on the step-down from 75 basis points to 50 rather than Powell’s codicils: the rate peak is likely “somewhat higher” than the Fed’s September forecast, and there’s a long way to go to restore price stability. In addition to more restrictive monetary policy, Powell noted the critical importance of labor market balance among the macro conditions the Fed wants to see before it’ll say inflation is whipped. Dave Lauer, the CEO of Urvin Finance, joins Ash Bennington for today’s Daily Briefing to talk about the market’s reaction to Powell’s speech, recent economic data, and the implications of a “sustained period of below-trend growth” that gets us back to price stability. Editor’s Note: Our live chat feature continues to be unavailable as we upgrade our video player technology. We apologize for the temporary loss of function. But we assure you the upgrade will more than justify the wait. In the meantime, we will be monitoring the comments section. So, in addition to conversing with your fellow community members, please share your questions there.