Dow Soars Over 600 Points as Fed Governor Signals No Rate Hike

The Dow Jones Industrial Average surged 624 points, its best day in a month, as Treasury yields and oil prices eased after Fed Governor Christopher Waller signaled he wants to keep interest rates flat.

The US 10-year Treasury yield dropped to 4.756%, down from its highest level in three years the previous day.

Waller's comments conflicted with those of Fed Chair Kevin Warsh, who spoke at the central bank's annual Jackson Hole conference last week.

Waller noted that inflation remains above the Fed's 2% goal but said recent trends suggest 'we are finally seeing some signs of disinflation.'