Fed Chair Powell Says FOMC Remains Squarely Focused On Dual Mandate; Consumer Spending Has Remained Resilient; Improving Supply Conditions Have Supported Demand Over Past Year; Our Projections Show We Expect GDP Growth To Remain Solid; Labor Market Has Continued To Cool; Has Been A Notable Step Down From Earlier This Year
Portfolio Pulse from Benzinga Newsdesk
Federal Reserve Chair Powell stated that the FOMC is focused on its dual mandate. Consumer spending remains resilient, supply conditions have improved, and GDP growth is expected to remain solid. The labor market has cooled, showing a notable step down from earlier this year.
September 18, 2024 | 6:33 pm
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The SPDR S&P 500 ETF (SPY) may experience stability or slight positive movement as Powell's comments suggest a resilient economy with solid GDP growth, despite a cooling labor market.
Powell's comments on resilient consumer spending and solid GDP growth are positive indicators for the overall economy, which could support SPY. However, the cooling labor market may temper gains.
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