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2023-03-06
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Powell to Talk to Congress About the Possibility of More Interest-Rate Hikes, Not Fewer
Fed Chairman won't be able to be definitive about path of rates given key data comes after his tes
Powell to Talk to Congress About the Possibility of More Interest-Rate Hikes, Not Fewer
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2022-12-03
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US STOCKS-S&P 500 Ends Slightly Lower After Jobs Report
Job growth beats expectationsUnemployment rate steady at 3.7%Ford falls on lower November vehicle sa
US STOCKS-S&P 500 Ends Slightly Lower After Jobs Report
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Both hearings are set to begin at 10 a.m. Eastern.</p><p>Recent economic data is putting pressure on the Fed to be more aggressive in its monetary policy, economists said.</p><p>Less than two months ago, the narrative was that the U.S. economy was slowing and inflation was cooling and maybe the Fed only needed to raise interest rates a couple more times.</p><p>But since then, things have changed significantly.</p><p>The economy has perked up, job growth shot up in January, and revisions to the data erased the sense that inflation was cooling.</p><p>"Powell is going to emphasize the Fed has more work to do. That the job is not done and they are going to keep at it until the job is done," said Laura Rosner-Warbuton, senior economist at MacroPolicy Perspectives.</p><p>"The Fed has been whipsawed by the data," she added.</p><p>The Fed will meet to set interest rates on March 21-22. 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Both hearings are set to begin at 10 a.m. Eastern.</p><p>Recent economic data is putting pressure on the Fed to be more aggressive in its monetary policy, economists said.</p><p>Less than two months ago, the narrative was that the U.S. economy was slowing and inflation was cooling and maybe the Fed only needed to raise interest rates a couple more times.</p><p>But since then, things have changed significantly.</p><p>The economy has perked up, job growth shot up in January, and revisions to the data erased the sense that inflation was cooling.</p><p>"Powell is going to emphasize the Fed has more work to do. That the job is not done and they are going to keep at it until the job is done," said Laura Rosner-Warbuton, senior economist at MacroPolicy Perspectives.</p><p>"The Fed has been whipsawed by the data," she added.</p><p>The Fed will meet to set interest rates on March 21-22. Ahead of that meeting will be February reports on jobs, consumer inflation and retail sales.</p><p>The central bank will want to see those reports to decide next steps, Rosner-Warbuton said.</p><p>At its meeting last month, the Fed slowed the pace of its interest rate hikes to a quarter-percentage point after six larger increases since the summer of 2022.</p><p>Both Gregory of BMOP and Rosner-Warbuton expect the Fed to stick to the quarter-percentage point pace in March.</p><p>"I think the bar is really high for them to reaccelerate the pace of rate hikes," she said.</p><p>Some market participants have speculated about the possibility of a larger half-percentage point move at the March meeting after two Fed officials said they had pushed for a similar-sized move in March.</p><p>In his two days of testimony, Powell won't say anything definitive about the path of interest rates because the February employment, consumer-price inflation and retail sales data will be released before the Fed's interest-rate committee meets, economists said.</p><p>"They want to really see reports for February to decide next steps," Rosner said.</p><p>Powell might not take a half-point rise off the table, but he could downplay the possibility, she added.</p><p>The general sense is that Fed officials don't like to slow down the pace of rate hikes and then speed back up.</p><p>"It would be a powerful 'uh-oh' message. I don't think they will ramp up the cadence," Gregory said.</p><p>The Fed's hawkish "higher for longer" message in March is expected to come in the "dot plot" projections of the likely endpoint for interest rate hikes.</p><p>In December, the Fed penciled in a 5%-5.25% end-point. Economists expect the Fed to raise that. The tone of the February data is likely to play a pivotal role in whether the Fed pencils in one more rate hike to a range of 5.25%-5.5% or two to 5.5%-5.75%.</p><p>And if the inflation data doesn't cool, we'll soon be talking about 6%, Gregory noted.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2317153621","content_text":"Fed Chairman won't be able to be definitive about path of rates given key data comes after his testimony, economists sayThe Federal Reserve Chairman's testimony to Congress is likely to be very succinct and can be summed up neatly as \" the risks of doing too little are far greater than the risks of doing too much,\" economists said Friday.\"The Fed is getting a little more hawkish than we pictured them at the end of last year,\" said Michael Gregory, deputy chief economist at BMO Capital Markets.Powell will testify on Tuesday to the Senate Banking Committee and on Wednesday to the House Financial Services panel. Both hearings are set to begin at 10 a.m. Eastern.Recent economic data is putting pressure on the Fed to be more aggressive in its monetary policy, economists said.Less than two months ago, the narrative was that the U.S. economy was slowing and inflation was cooling and maybe the Fed only needed to raise interest rates a couple more times.But since then, things have changed significantly.The economy has perked up, job growth shot up in January, and revisions to the data erased the sense that inflation was cooling.\"Powell is going to emphasize the Fed has more work to do. That the job is not done and they are going to keep at it until the job is done,\" said Laura Rosner-Warbuton, senior economist at MacroPolicy Perspectives.\"The Fed has been whipsawed by the data,\" she added.The Fed will meet to set interest rates on March 21-22. Ahead of that meeting will be February reports on jobs, consumer inflation and retail sales.The central bank will want to see those reports to decide next steps, Rosner-Warbuton said.At its meeting last month, the Fed slowed the pace of its interest rate hikes to a quarter-percentage point after six larger increases since the summer of 2022.Both Gregory of BMOP and Rosner-Warbuton expect the Fed to stick to the quarter-percentage point pace in March.\"I think the bar is really high for them to reaccelerate the pace of rate hikes,\" she said.Some market participants have speculated about the possibility of a larger half-percentage point move at the March meeting after two Fed officials said they had pushed for a similar-sized move in March.In his two days of testimony, Powell won't say anything definitive about the path of interest rates because the February employment, consumer-price inflation and retail sales data will be released before the Fed's interest-rate committee meets, economists said.\"They want to really see reports for February to decide next steps,\" Rosner said.Powell might not take a half-point rise off the table, but he could downplay the possibility, she added.The general sense is that Fed officials don't like to slow down the pace of rate hikes and then speed back up.\"It would be a powerful 'uh-oh' message. I don't think they will ramp up the cadence,\" Gregory said.The Fed's hawkish \"higher for longer\" message in March is expected to come in the \"dot plot\" projections of the likely endpoint for interest rate hikes.In December, the Fed penciled in a 5%-5.25% end-point. Economists expect the Fed to raise that. The tone of the February data is likely to play a pivotal role in whether the Fed pencils in one more rate hike to a range of 5.25%-5.5% or two to 5.5%-5.75%.And if the inflation data doesn't cool, we'll soon be talking about 6%, Gregory noted.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1847,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9965790156,"gmtCreate":1670021559675,"gmtModify":1676538288602,"author":{"id":"3574061970702957","authorId":"3574061970702957","name":"unw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574061970702957","idStr":"3574061970702957"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9965790156","repostId":"2288994246","repostType":2,"repost":{"id":"2288994246","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1670017787,"share":"https://ttm.financial/m/news/2288994246?lang=en_US&edition=fundamental","pubTime":"2022-12-03 05:49","market":"us","language":"en","title":"US STOCKS-S&P 500 Ends Slightly Lower After Jobs Report","url":"https://stock-news.laohu8.com/highlight/detail?id=2288994246","media":"Reuters","summary":"Job growth beats expectationsUnemployment rate steady at 3.7%Ford falls on lower November vehicle sa","content":"<html><head></head><body><ul><li style=\"text-align:left;\">Job growth beats expectations</li><li style=\"text-align:left;\">Unemployment rate steady at 3.7%</li><li style=\"text-align:left;\">Ford falls on lower November vehicle sales</li><li style=\"text-align:left;\">Dow up 0.1%, S&P 500 down 0.12%, Nasdaq down 0.18%</li></ul><p>NEW YORK, Dec 2 (Reuters) - The S&P 500 closed slightly lower on Friday, although major indexes rallied off their worst levels of the day, as the November payrolls report fueled expectations the Federal Reserve would maintain its path of interest rate hikes to combat inflation.</p><p>The Labor Department's jobs report showed nonfarm payrolls rose by 263,000, above expectations of 200,000 and wage growth accelerated even as recession concerns increase.</p><p>The U.S. unemployment rate remained unchanged, as expected, at 3.7%.</p><p>"Wage growth has been in an uptrend since August," said Brian Jacobsen, senior investment strategist at Allspring Global Investment in Menomonee Falls, Wisconsin.</p><p>"We will have to see that trend reverse for the Fed to be comfortable with a pause. Until then, they’ll continue to taper towards a pause."</p><p>Investors have been looking for signs of weakness in the labor market, especially wages, as a precursor to faster cooling of inflation that will enable the Fed to slow and eventually stop its current rate hike cycle.</p><p>Stocks had rallied earlier in the week after Fed Chair Jerome Powell's comments on scaling back interest rates hikes as early as December.</p><p>The Dow Jones Industrial Average rose 34.87 points, or 0.1%, to 34,429.88, the S&P 500 lost 4.87 points, or 0.12%, to 4,071.7 and the Nasdaq Composite dropped 20.95 points, or 0.18%, to 11,461.50.</p><p>Still, equities ended the session off their lowest levels of the day that saw each of the major indexes tumble at least 1%, with the Dow managing a slight gain.</p><p>"If anything, I am actually encouraged by how the market is clawing its way back from the level we were at today. It is another indication the market is looking for at least a seasonal December rally," said Sam Stovall, chief investment strategist at CFRA in New York.</p><p>"The market is beginning to look across the valley and say, 'OK, a year from now the Fed will likely be on hold and considering cutting rates.'"</p><p>The rate-setting Federal Open Market Committee meets on Dec. 13-14, the final meeting in a volatile year that saw the central bank attempt to stifle the fastest rate of inflation since the 1980s with record interest rates increases.</p><p>The major averages notched a second straight week of gains, with the S&P 500 climbing 1.13%, the Dow gaining 0.24% and the Nasdaq rising 2.1%.</p><p>Growth and technology companies such as Apple Inc, down 0.34%, and Amazon, off 1.43%, were pressured by concerns over rising rates but pared declines as U.S. Treasury yields eased throughout the day off earlier highs. The S&P 500 growth index declined 0.29% while technology shares were among the worst performing among the 11 major S&P 500 sectors with a fall of 0.55%.</p><p>Ford Motor Co declined 1.56% on lower vehicle sales in November, while DoorDash Inc 3.38% shed after RBC downgraded the food delivery firm's stock.</p><p>Advancing issues outnumbered declining ones on the NYSE by a 1.15-to-1 ratio; on Nasdaq, a 1.35-to-1 ratio favored advancers.</p><p>The S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 86 new highs and 92 new lows. (Reporting by Chuck Mikolajczak; Editing by Cynthia Osterman)</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US STOCKS-S&P 500 Ends Slightly Lower After Jobs Report</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS STOCKS-S&P 500 Ends Slightly Lower After Jobs Report\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-12-03 05:49</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><ul><li style=\"text-align:left;\">Job growth beats expectations</li><li style=\"text-align:left;\">Unemployment rate steady at 3.7%</li><li style=\"text-align:left;\">Ford falls on lower November vehicle sales</li><li style=\"text-align:left;\">Dow up 0.1%, S&P 500 down 0.12%, Nasdaq down 0.18%</li></ul><p>NEW YORK, Dec 2 (Reuters) - The S&P 500 closed slightly lower on Friday, although major indexes rallied off their worst levels of the day, as the November payrolls report fueled expectations the Federal Reserve would maintain its path of interest rate hikes to combat inflation.</p><p>The Labor Department's jobs report showed nonfarm payrolls rose by 263,000, above expectations of 200,000 and wage growth accelerated even as recession concerns increase.</p><p>The U.S. unemployment rate remained unchanged, as expected, at 3.7%.</p><p>"Wage growth has been in an uptrend since August," said Brian Jacobsen, senior investment strategist at Allspring Global Investment in Menomonee Falls, Wisconsin.</p><p>"We will have to see that trend reverse for the Fed to be comfortable with a pause. Until then, they’ll continue to taper towards a pause."</p><p>Investors have been looking for signs of weakness in the labor market, especially wages, as a precursor to faster cooling of inflation that will enable the Fed to slow and eventually stop its current rate hike cycle.</p><p>Stocks had rallied earlier in the week after Fed Chair Jerome Powell's comments on scaling back interest rates hikes as early as December.</p><p>The Dow Jones Industrial Average rose 34.87 points, or 0.1%, to 34,429.88, the S&P 500 lost 4.87 points, or 0.12%, to 4,071.7 and the Nasdaq Composite dropped 20.95 points, or 0.18%, to 11,461.50.</p><p>Still, equities ended the session off their lowest levels of the day that saw each of the major indexes tumble at least 1%, with the Dow managing a slight gain.</p><p>"If anything, I am actually encouraged by how the market is clawing its way back from the level we were at today. It is another indication the market is looking for at least a seasonal December rally," said Sam Stovall, chief investment strategist at CFRA in New York.</p><p>"The market is beginning to look across the valley and say, 'OK, a year from now the Fed will likely be on hold and considering cutting rates.'"</p><p>The rate-setting Federal Open Market Committee meets on Dec. 13-14, the final meeting in a volatile year that saw the central bank attempt to stifle the fastest rate of inflation since the 1980s with record interest rates increases.</p><p>The major averages notched a second straight week of gains, with the S&P 500 climbing 1.13%, the Dow gaining 0.24% and the Nasdaq rising 2.1%.</p><p>Growth and technology companies such as Apple Inc, down 0.34%, and Amazon, off 1.43%, were pressured by concerns over rising rates but pared declines as U.S. Treasury yields eased throughout the day off earlier highs. The S&P 500 growth index declined 0.29% while technology shares were among the worst performing among the 11 major S&P 500 sectors with a fall of 0.55%.</p><p>Ford Motor Co declined 1.56% on lower vehicle sales in November, while DoorDash Inc 3.38% shed after RBC downgraded the food delivery firm's stock.</p><p>Advancing issues outnumbered declining ones on the NYSE by a 1.15-to-1 ratio; on Nasdaq, a 1.35-to-1 ratio favored advancers.</p><p>The S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 86 new highs and 92 new lows. (Reporting by Chuck Mikolajczak; Editing by Cynthia Osterman)</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","COMP":"Compass, Inc."},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2288994246","content_text":"Job growth beats expectationsUnemployment rate steady at 3.7%Ford falls on lower November vehicle salesDow up 0.1%, S&P 500 down 0.12%, Nasdaq down 0.18%NEW YORK, Dec 2 (Reuters) - The S&P 500 closed slightly lower on Friday, although major indexes rallied off their worst levels of the day, as the November payrolls report fueled expectations the Federal Reserve would maintain its path of interest rate hikes to combat inflation.The Labor Department's jobs report showed nonfarm payrolls rose by 263,000, above expectations of 200,000 and wage growth accelerated even as recession concerns increase.The U.S. unemployment rate remained unchanged, as expected, at 3.7%.\"Wage growth has been in an uptrend since August,\" said Brian Jacobsen, senior investment strategist at Allspring Global Investment in Menomonee Falls, Wisconsin.\"We will have to see that trend reverse for the Fed to be comfortable with a pause. Until then, they’ll continue to taper towards a pause.\"Investors have been looking for signs of weakness in the labor market, especially wages, as a precursor to faster cooling of inflation that will enable the Fed to slow and eventually stop its current rate hike cycle.Stocks had rallied earlier in the week after Fed Chair Jerome Powell's comments on scaling back interest rates hikes as early as December.The Dow Jones Industrial Average rose 34.87 points, or 0.1%, to 34,429.88, the S&P 500 lost 4.87 points, or 0.12%, to 4,071.7 and the Nasdaq Composite dropped 20.95 points, or 0.18%, to 11,461.50.Still, equities ended the session off their lowest levels of the day that saw each of the major indexes tumble at least 1%, with the Dow managing a slight gain.\"If anything, I am actually encouraged by how the market is clawing its way back from the level we were at today. It is another indication the market is looking for at least a seasonal December rally,\" said Sam Stovall, chief investment strategist at CFRA in New York.\"The market is beginning to look across the valley and say, 'OK, a year from now the Fed will likely be on hold and considering cutting rates.'\"The rate-setting Federal Open Market Committee meets on Dec. 13-14, the final meeting in a volatile year that saw the central bank attempt to stifle the fastest rate of inflation since the 1980s with record interest rates increases.The major averages notched a second straight week of gains, with the S&P 500 climbing 1.13%, the Dow gaining 0.24% and the Nasdaq rising 2.1%.Growth and technology companies such as Apple Inc, down 0.34%, and Amazon, off 1.43%, were pressured by concerns over rising rates but pared declines as U.S. Treasury yields eased throughout the day off earlier highs. The S&P 500 growth index declined 0.29% while technology shares were among the worst performing among the 11 major S&P 500 sectors with a fall of 0.55%.Ford Motor Co declined 1.56% on lower vehicle sales in November, while DoorDash Inc 3.38% shed after RBC downgraded the food delivery firm's stock.Advancing issues outnumbered declining ones on the NYSE by a 1.15-to-1 ratio; on Nasdaq, a 1.35-to-1 ratio favored advancers.The S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 86 new highs and 92 new lows. (Reporting by Chuck Mikolajczak; Editing by Cynthia Osterman)","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.6,"COMP":0.6}},"isVote":1,"tweetType":1,"viewCount":1289,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}