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SPY

Fed Chair Powell stated that current inflation dynamics can persist, and it's uncertain if demand is the main factor. He believes the policy is restrictive and will eventually weaken the economy. Despite no rate hikes being the base case, progress on inflation is noted alongside a strong labor market and good growth levels.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:58 pm

APPN

CFLT

DDOG

ESTC

FICO

INTU

MDB

MNDY

PD

SAP

Shares of software stocks are trading higher as stocks gain following a softer-than-expected May CPI report. The Fed on Wednesday left rates unchanged.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:57 pm

SPY

Fed Chair Powell stated that the latest inflation data is positive and hopes for more similar readings. He believes the current policy stance is appropriate but is prepared to adjust if necessary. The improvement in inflation is attributed to the unwinding of pandemic distortions and positive supply shocks.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:56 pm

SPY

Fed Chair Powell stated that the long-run neutral rate of interest is theoretical and that rates are less likely to return to pre-pandemic levels. He emphasized that current policy is restrictive and is having the intended impact.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:53 pm

SPY

Fed Chair Powell stated that inflation was the key factor influencing rate path forecasts. He noted a pause in inflation progress in Q1, indicating that rate cuts will take longer. However, today's inflation report was better than expected.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:50 pm

SPY

Fed Chair Powell commented on the labor market, noting that while it remains strong, it is gradually cooling. He emphasized the importance of looking at 3 and 6-month payroll series due to differences in surveys. The labor market is no longer as overheated as it was a few years ago.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:49 pm

HUT

Hut 8 Corp (NASDAQ:HUT) shares surged by 16.6% on Wednesday due to a softer-than-expected May CPI report, which has boosted crypto-related stocks. The U.S. inflation rate for May came in lower than anticipated, raising hopes for potential Federal Reserve rate cuts and driving up Bitcoin prices.

Portfolio Pulse from Vaishali Prayag

June 12, 2024 | 6:49 pm

SPY

Fed Chair Powell noted a decline in job quits and openings, indicating a gradual cooling in the labor market. Despite low unemployment, the market is moving into better balance. Job gains may be slightly overstated but remain strong.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:47 pm

SPY

Fed Chair Powell stated that the Federal Reserve does not currently have the confidence to warrant loosening monetary policy. He mentioned that FOMC participants could update their Summary of Economic Projections (SEPs) to incorporate recent CPI data, although most policymakers do not update their forecasts frequently.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:46 pm

SPY

Federal Reserve Chair Jerome Powell stated that unexpected labor market weakness could prompt a response from the Fed. Currently, no signs of such weakness have been observed.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:44 pm