Fed Chair's Powell Says We Don't Think That Wages Were An Important Cause Of Inflation Early But Are An Important Part Of Bringing Inflation Down Now
Portfolio Pulse from Benzinga Newsdesk
Federal Reserve Chair Jerome Powell stated that wages were not a significant cause of inflation initially, but are now a crucial part of reducing inflation, according to Reuters.
July 26, 2023 | 7:13 pm
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NEUTRAL IMPACT
The statement by Fed Chair Powell may impact the SPY ETF, as changes in inflation and monetary policy can influence the overall market.
The SPY ETF tracks the S&P 500 and is therefore sensitive to changes in the overall economy. Powell's comments on wages and inflation suggest potential changes in monetary policy, which could influence market sentiment and the performance of SPY.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50