Fed's Powell Says Economy Is Very Resilient, Growing Strongly; Growth Is Running Above It's Long Run Trend, Is A Surprise; Economy Is A Story Of Stronger Demand; May Be Ways Economy Is Less Affected By Interest Rates
Portfolio Pulse from Benzinga Newsdesk
Federal Reserve Chairman Jerome Powell has stated that the US economy is very resilient and growing strongly, with growth running above its long-run trend. He also suggested that the economy may be less affected by interest rates than previously thought.
October 19, 2023 | 4:25 pm
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POSITIVE IMPACT
Powell's comments about the strong economy and potential lower sensitivity to interest rates could boost investor confidence, potentially positively impacting the SPY ETF, which tracks the S&P 500.
The SPY ETF tracks the S&P 500, which is a broad representation of the US stock market. Positive comments from the Federal Reserve Chairman about the economy can boost investor confidence, which can lead to increased buying activity in the stock market, potentially driving up the price of the SPY ETF.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 75