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Fed Chair Jerome Powell speaks at the Economic Club of New York on Wednesday in New York City. Photo: Spencer Platt via Getty Images

The Dow Jones Industrial Average closed up 618 points on Wednesday, its best one-day gain since March (per CNBC), while both the S&P 500 and the Nasdaq Composite rose over 2% following a highly anticipated speech by Federal Reserve Chairman Jerome Powell in New York.

The big picture: There's no single reason for markets' surge, but some market-watchers say investors misinterpreted Powell's comment that interest rates were "just below" the neutral level to mean fewer interest rate hikes were on the horizon.

What they're saying:

  • Jared Bernstein, who served as chief economist under Vice President Joe Biden:
A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.
  • Ian Shepherdson, chief economist at Pantheon Macroeconomics:
A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.
  • Marc Chandler, chief market strategist at Bannockburn Global:
A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.
  • Gregory Daco, chief U.S. economist at Oxford Economics, tweeted, in part that it was "not correct" that markets saw Powell's comments has a signal that the Fed will no longer hike interest rates after December.

The other side:

  • Joe LaVorgna, chief economist for the Americas at Natixis:
A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.

Go deeper

Scoop: Inside the GOP's plan to retake the House

House Minority Leader Kevin McCarthy. Photo: Elijah Nouvelage/Bloomberg via Getty Images

House Republicans will reclaim their majority in 2022 by offering candidates who are women, minorities or veterans, a memo obtained by Axios says.

Why it matters: The document, drafted by a super PAC blessed by House Minority Leader Kevin McCarthy, names top Democrats to target — Jared Golden of Maine, Matt Cartwright of Pennsylvania and Ron Kind of Wisconsin — and the type of Republican candidates to beat them.

Scoop: Trump talked out of early Ohio endorsement

Jane Timken at a 2017 Trump rally. Photo: Kyle Mazza/NurPhoto via Getty Images

Donald Trump had to be talked out of making an early endorsement in Ohio's 2022 U.S. Senate race, a sign of his eagerness to reengage politically, people familiar with the conversations tell Axios.

What we're hearing: The former president discussed endorsing former state GOP chair Jane Timken last week during a meeting at Mar-a-Lago with RNC Chairwoman Ronna McDaniel, but top advisers — including Donald Trump Jr. — urged him to wait.

Scoop: Parscale launches super PAC

Brad Parscale. Photo: Tom Brenner/Getty Images

Former Trump campaign manager Brad Parscale has founded a new super PAC and sister advocacy group, public records show.

Why it matters: The groups will allow Parscale himself to back candidates aligned with Donald Trump ahead of the 2022 midterms. They could also be used to deploy his new political data firm and harvest vital voter information for other clients.