Stock Market Update: Fed Chair Powell Today
Stock market update, today Fed Chair Jerome Powell testimony.
The dollar strengthened to its highest level since mid-June and Treasuries slipped.
The S&P500 perked up just before the close Tuesday.
Investors are actually waiting for the key testimony this week from Fed Chair Jerome Powell as observers assess prospects for easing following conflicting signals on the global economy.
“Powell is likely to walk a fine line between the hawks and doves in his testimony — giving a nod to the underlying strength in the domestic economy on the one hand, while also acknowledging the persistently subdued inflation backdrop and global uncertainties on the other,” said Candice Bangsund, vice president and portfolio manager at Fiera Capital Corp.
Here are some key events coming up:
- Powell testifies before Congress on monetary policy and the state of the U.S. economy on Wednesday (the House of Representatives) and Thursday (the Senate).
- Fed minutes are due on Wednesday, ECB minutes on Thursday.
- A key measure of U.S. inflation — the core consumer price index, due Thursday — is expected to have increased 0.2% in June from the prior month, while the broader CPI is forecast to remain unchanged.
- U.S. producer prices are due on Friday.
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