Fed's Powell Says Limits Of Knowledge Demand Humility; Pandemic Economy Unlike Any Other; Sees 'Ample Room' To Respond To 'Any Risks We May Face'; Timing, Pace Of Cuts Depend On Incoming Data; The Time Has Come For Policy To Adjust; 'We Do Not Seek Or Welcome Further Cooling In Labor Market Conditions'; Rising Unemployment Due To Increase In Supply Of Workers, Slower Hiring
Portfolio Pulse from Benzinga Newsdesk
Federal Reserve Chair Jerome Powell emphasized the need for humility in understanding the pandemic economy, noting its unique challenges. He highlighted the Fed's readiness to respond to risks and adjust policies based on incoming data, without seeking further cooling in the labor market.
August 23, 2024 | 2:03 pm
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NEUTRAL IMPACT
The Federal Reserve's stance on being ready to respond to economic risks and not seeking further cooling in the labor market could influence SPY, as it reflects broader market expectations on interest rates and economic policy.
SPY, as an ETF tracking the S&P 500, is sensitive to Federal Reserve policies. Powell's comments suggest a balanced approach, which may stabilize market expectations, leading to a neutral short-term impact.
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