Fed's Powell Says Don't Think Reserves Will Become Scarce Over Course Of The Year; The RRP Does Not Look Like It Is Pulling Money From Banking System; Would Not Say It's Likely To Make Changes To On RRP Rate In Near Term
Portfolio Pulse from Benzinga Newsdesk
Federal Reserve Chairman Jerome Powell stated that he does not believe reserves will become scarce over the course of the year and that the RRP is not pulling money from the banking system. He also mentioned that it is unlikely to make changes to the RRP rate in the near term.
June 14, 2023 | 7:05 pm
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NEUTRAL IMPACT
Fed's Powell's comments on reserves and RRP rate stability may have a neutral impact on the SPY ETF in the short term.
Powell's comments suggest that the Federal Reserve does not foresee any major disruptions in the financial system, which may provide some stability for the SPY ETF. However, as these comments do not directly address the performance of the ETF or its underlying assets, the impact is likely to be neutral in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50