Fed's Powell Says Well Positioned to Respond to Any Economic Weakness, Though Not Currently Observed; Plenty of Room to Act if Weakness Arises; Wage Gains Remain High; Data Indicates Labor Market Normalizing; Job Vacancies Still High by Historical Standards
Portfolio Pulse from Benzinga Newsdesk
Fed Chair Jerome Powell stated that the Federal Reserve is well-positioned to respond to any economic weakness, although none is currently observed. He noted that there is plenty of room to act if such weakness arises. Wage gains remain high, and data indicates that the labor market is normalizing, though job vacancies are still high by historical standards.

July 31, 2024 | 7:02 pm
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POSITIVE IMPACT
The Federal Reserve is prepared to respond to any economic weakness, though none is currently observed. This indicates a stable economic outlook, which is positive for SPY.
Powell's comments suggest that the Federal Reserve is ready to act if economic weakness arises, but currently, the economy is stable. This stability is likely to be positive for SPY in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80