Fed's Powell Says September Reading On Employment Cost Index Was Very Close To Internal Expectations; Wages Are Not Principle Driver Of Inflation So Far; Now We Are Still Trying To Gain Confidence In Appropriate Stance
Portfolio Pulse from Benzinga Newsdesk
Federal Reserve Chairman Jerome Powell stated that the September reading on the Employment Cost Index was very close to internal expectations. He also mentioned that wages are not the principal driver of inflation so far, and the Fed is still trying to gain confidence in the appropriate stance.
November 01, 2023 | 7:15 pm
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NEUTRAL IMPACT
The comments from Fed's Powell may impact the overall market sentiment, which is reflected in ETFs like SPY. The statement that wages are not the main driver of inflation could ease concerns about potential interest rate hikes.
The Federal Reserve's stance on inflation and wages can significantly influence market sentiment. While the statement does not directly mention SPY, as a broad market ETF, SPY's performance is likely to be influenced by overall market sentiment. The statement that wages are not the main driver of inflation could ease concerns about potential interest rate hikes, which could have a neutral to positive impact on SPY.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75