Fed's Bowman Shocks Traders: 'I Remain Willing To Raise' Interest Rates If Progress On Inflation Stalls
Portfolio Pulse from Piero Cingari
Federal Reserve Governor Michelle Bowman indicated her readiness to support further rate hikes if inflation worsens, stating it is premature to lower the policy rate. Following her remarks, the U.S. Dollar Index saw a slight increase, and U.S. equity futures were broadly positive, with tech and semiconductor sectors showing gains.
June 25, 2024 | 1:13 pm
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POSITIVE IMPACT
The VanEck Semiconductor ETF (SMH) increased by 1.1% in premarket trading following Bowman's remarks, reflecting gains in the semiconductor industry.
The semiconductor industry, as tracked by SMH, saw gains in premarket trading following Bowman's comments.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The Invesco DB USD Index Bullish Fund ETF (UUP) saw a slight increase following Bowman's remarks on potential rate hikes.
Bowman's hawkish stance on interest rates led to a slight increase in the U.S. Dollar Index, which UUP tracks.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The Energy Select Sector SPDR Fund (XLK) rose by 0.7% in premarket trading following Bowman's remarks, amid a tech sector rebound.
Positive market sentiment in the tech sector, as tracked by XLK, was observed following Bowman's comments.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70