Stocks Pressured As Powell’s Speech Coming
US stocks has slightly pulled back, while waiting for Jerome Powell’s speech before the House of Representatives and the Senate. The new Fed Chair is expected to give his comments about a $300 billion increase in federal outlays, the balance sheet lowering and most importantly, his feelings about Fed plans on rates. Overall, he is unlikely to declare any changes in the policy framework and the case of 3 rate hikes in 2018 remains in store. The sentiment at the market is expected to be rather fluctuating.
As of today’s US data, we’ll get trade balance, wholesale inventories, durable goods orders, house price indices as well as consumer confidence numbers. Meanwhile, Bitcoin staged a rally near 12,000 dollars recently. But, then the cryptocurrency closed over 10,000 dollars and now it’s trading around 6,000 dollars. The bottoming hasn’t been confirmed yet.