Fed Chair Powell Tempers Market Excitement: 'We Want To Gain Further Confidence' On Inflation
Portfolio Pulse from Piero Cingari
Federal Reserve Chair Jerome Powell emphasized the need for more confidence in inflation data before considering interest rate cuts, tempering market excitement. Despite a lower-than-expected inflation report, Powell warned that future data might not be as favorable. Stocks trimmed gains, Treasury yields rebounded, and market expectations for a September rate cut slightly eased.
June 12, 2024 | 7:50 pm
News sentiment analysis
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NEUTRAL IMPACT
The SPDR Gold Trust (GLD) erased all session gains and traded flat after Powell's comments, indicating a shift in investor sentiment.
Powell's remarks led to a shift in investor sentiment, causing GLD to erase its session gains and trade flat.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEUTRAL IMPACT
The Invesco QQQ Trust (QQQ) cut its gains following Powell's remarks, reflecting a cautious market sentiment despite earlier highs.
Powell's comments led to a more cautious market sentiment, causing QQQ to reduce its earlier gains.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (SPY) saw its gains trimmed after Powell's comments on inflation and interest rates, reflecting tempered market enthusiasm.
Powell's cautious stance on inflation and interest rates led to a reduction in market enthusiasm, causing SPY to trim its gains.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80