Fed Chair Powell Says In Climate We Will Do 2 And Only 2 Things; First Is Climate Stress Scenarios, Which Large Banks Already Doing; Also Would Offer Guidance In How To Assess Risks; There Are No New Climate Initiatives; Am Really Determined That We Are Not A Climate Policymaker
Portfolio Pulse from Benzinga Newsdesk
Fed Chair Powell announced that the Federal Reserve will focus on two specific actions regarding climate change: conducting climate stress scenarios, which large banks are already implementing, and offering guidance on assessing climate-related risks. He emphasized that there are no new climate initiatives being introduced.
March 07, 2024 | 4:17 pm
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NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (SPY) may see indirect impact from Fed Chair Powell's announcement on climate change actions, as it includes large banks that are already conducting climate stress scenarios.
Since SPY is a broad market ETF that includes large banks, the Fed's announcement on climate stress scenarios and risk assessment guidance could indirectly affect its performance. However, as these measures are already being implemented by large banks, the immediate impact on SPY is likely to be neutral.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50