🇺🇸 6️⃣ March 2️⃣0️⃣2️⃣3️⃣ Fed Chief’s Congressional Testimony tomorrow

🇺🇸  The U.S.[USD]  stock markets are all eyes on Jerome Powell, Chairman of the Federal Reserve, as he is due for his Congressional Testimony tomorrow at the Senate and a House Committee on Wednesday. $DJIA(.DJI)$ BearishThe markets have some good bull runs last week and the major market indexes moved higher with good gains. $DJIA(.DJI)$ gained 1.17% at last Friday'd market closing time. It closed at 33,390.97 points. The futures market is moving up now with the E-mini Dow Jones opened higher at 33,399 today. It is now higher at 33,407 points.

The Fed Chief's semiannual two-day testimony willbe closely watched for clues on how much rate increase will be announced by the Fed at the end of the Federal Reserve's officials meet in two weeks' time.

💎 Fed's goal to tame inflation:

The Federal officials have continualy tried to get inflation back to the target 2% from the current 5.4%. So they are all for increase interest rates.

💎 Strong labor market:

The Fed chief has said that rates have to be raisedfurther, given the "extraordinarily strong " labor market. 

💎 50 basis-points:

The market has fully factored in a 25 basis-point rate increase this month. According to the present pricing of futures contracts, there is 25% chance that the Fed will raise rates by 50 basis-points. Themarkets also forecast that the Fed will raise rates all the way to 5.4% instead of 5.1% claimed in December. 

💎 Data the Fed will consider before rates hike:

Take note of the February Jobs Report due this Friday 10 March 2023 and the Consumer Price Index to be released on 14 March 2023. The most immediate relevant report is the latest Factory Orders data after today's market closing. Economists expect a decline of 1.8%. 

The E-mini has just dropped to 33.390. Is it reflecting the market cautious sentiment? Is it advisable to buy stocks now for the market may move higher after Wednesday?

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