Powell Leads Global Central Bankers' Consensus On Inflation: More Rate Hikes Needed
Portfolio Pulse from Piero Cingari
The four major global central bankers convened in Portugal for the ECB Forum, where they agreed on the need for more rate hikes to combat inflation. Fed Chair Jerome Powell stated that a strong labor market is a key reason for the Fed's hawkish position and did not rule out consecutive rate hikes. The dollar rose, tracked by the Invesco DB USD Index Bullish Fund ETF (UUP), while the S&P 500 Index, represented by the SPDR S&P 500 ETF Trust (SPY), remained flat.
June 28, 2023 | 3:19 pm
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POSITIVE IMPACT
The Invesco DB USD Index Bullish Fund ETF (UUP) tracks the U.S. dollar, which rose following the central bankers' meeting.
The UUP ETF tracks the U.S. dollar, which rose following the central bankers' meeting. This is likely to have a positive impact on the ETF in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (SPY) remained flat following the central bankers' meeting.
The SPY ETF represents the S&P 500 Index, which remained flat following the central bankers' meeting. This is likely to have a neutral impact on the ETF in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80