That news caused market indices to jump -- with the S&P 500 gaining 2.3% and the Nasdaq Composite rising 3.4% -- and they took Tesla's share's along with them.
The electric vehicle stock was up by 5.3% as of 3:34 p.m. EST.
Speaking at the Brookings Institution today, Powell said that the Federal Reserve will likely begin smaller increases to the federal funds rate at its December meeting.
Powell also said that the Fed's moves, including past interest rate hikes, will take time to slow inflation and that "it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down."
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