(CNBC) — U.S. stocks closed sharply higher on Monday after a key Federal Reserve official advised "prudence" with regards to interest rates.
"I think there is a bit of a sigh of relief because a dovish Fed official came out and was dovish," said Anna Rathbun, director of research for CBIZ Retirement Plan Services. "There is general nervousness within the market, despite what's going on today, about the effectiveness of central bank policy."
Fed Governor Lael Brainard — a voting member of the central bank's policymaking committee — said in a speech that, while economic progress continues, it would be wise for the Fed to keep monetary policy loose.
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