Summary:
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Jerome Powell testifies on Capitol Hill
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Nothing major from the Fed chair
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US indices near ATHS, USD and Gold both higher
This week the focus in the US has been less on economic releases and more on potentially market moving speeches form prominent figures. After Trump’s speech yesterday at the Economic Club of New York, it’s now the turn of Jerome Powell with the Fed chair testifying before the Joint Economic Committee in Washington DC. The prepared remarks from the Fed chairman have thrown up little by the way of any surprises with the most noteworthy comments as follows:
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Policy appropriate as long as the economy stays on track
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Baseline outlook favourable but noteworthy risks remain
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Sluggish growth abroad, trade uncertainty risks remain
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Investors risk appetite elevated in some asset classes
The last remark here is interesting and a pretty obvious hint at US stock indices given that they are close to their recent record highs. However, there’s little to suggest that the Fed will move against this anytime soon. The Q&A session has recently begun but there has been little of note thus far.
The US500 is trading at its highest level of the day as Powell speaks. Price is just over 10 points from its highest ever level of 3102. Source: xStation
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