Stocks Hit Record Highs on Hope of 'Soft Landing' for Economy
• Dow Jones Industrial Average hit a new all-time high on optimism about cooling inflation without triggering a recession
• Markets rallied recently as signs emerge that Federal Reserve may be done raising interest rates to tame inflation
• Consumer spending and job growth moderating, wage growth slowing - early signs of a "soft landing" where inflation falls without sharp economic downturn
• Fed Chair Jerome Powell said future rate cuts depend on totality of economic data, not guaranteed despite market bets on cuts in 2024
• Some economists urge caution as policy effects can lag, risks remain of recession next year if consumer pullback steepens, and inflation still far above Fed 2% target