Friday, February 23

Wall Street Awaits Statement by Fed Chairman Powell

The stock exchanges in New York barely moved on Tuesday when they opened, after the nice pluses a day earlier.

 

Investors on Wall Street mainly focus on the statement that US central bank president Jerome Powell will make to Congress later in the day. In addition, close attention will be paid to any indications of a faster rate hike in the United States.

In a pre-published statement, Powell said that inflation in the US has risen sharply in recent months but that this is likely to be temporary.

In the Federal Reserve’s interest rate decision last week, it was said that interest rates would likely rise earlier than expected. Then the head of the St. Louis Fed, James Bullard, added on Friday that he already expects a rate hike next year. This caused turmoil in the stock markets.

Shortly after opening, the leading Dow-Jones index recorded a minus of 0.1 percent at 33,806 points. The broad-based S&P 500 fell a fraction to 4,223 points, and Nasdaq’s technology indicator gained 0.2 percent to 14,162 points.

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