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MarketBeat Minute(2022-08-26)
Equity markets rebounded on Thursday after an upward revision to the 2nd quarter GDP. While the revision is good news, the 2nd quarter GDP was still negative and ultimately worse than expected. The S&P 500 gained about 1.0% on the news at the high of the day and may move higher on Friday.
Friday's action will be driven by both the PCE price index and FOMC Chief Jerome Powell's speech at the Jackson Hole Symposium. The market is hoping Mr. Powell will give some indication the pace of interest rate hikes will ease but it may be disappointed. Even if the pace of inflation comes down, it is expected to remain high for a sustained period of time and is begging for the Fed to act. As it is, the CME's Fedwatch Tool is pricing in a 60% chance for another 75 basis point increase in September and there could be another in November if inflation still hasn't subsided.
Friday's action will be driven by both the PCE price index and FOMC Chief Jerome Powell's speech at the Jackson Hole Symposium. The market is hoping Mr. Powell will give some indication the pace of interest rate hikes will ease but it may be disappointed. Even if the pace of inflation comes down, it is expected to remain high for a sustained period of time and is begging for the Fed to act. As it is, the CME's Fedwatch Tool is pricing in a 60% chance for another 75 basis point increase in September and there could be another in November if inflation still hasn't subsided.
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By MarketBeat MinuteEquity markets rebounded on Thursday after an upward revision to the 2nd quarter GDP. While the revision is good news, the 2nd quarter GDP was still negative and ultimately worse than expected. The S&P 500 gained about 1.0% on the news at the high of the day and may move higher on Friday.
Friday's action will be driven by both the PCE price index and FOMC Chief Jerome Powell's speech at the Jackson Hole Symposium. The market is hoping Mr. Powell will give some indication the pace of interest rate hikes will ease but it may be disappointed. Even if the pace of inflation comes down, it is expected to remain high for a sustained period of time and is begging for the Fed to act. As it is, the CME's Fedwatch Tool is pricing in a 60% chance for another 75 basis point increase in September and there could be another in November if inflation still hasn't subsided.
Friday's action will be driven by both the PCE price index and FOMC Chief Jerome Powell's speech at the Jackson Hole Symposium. The market is hoping Mr. Powell will give some indication the pace of interest rate hikes will ease but it may be disappointed. Even if the pace of inflation comes down, it is expected to remain high for a sustained period of time and is begging for the Fed to act. As it is, the CME's Fedwatch Tool is pricing in a 60% chance for another 75 basis point increase in September and there could be another in November if inflation still hasn't subsided.