U.S. futures were indicating a slightly higher open on Friday, as global stocks largely hovered around flat ahead of Federal Reserve chair Jerome Powell’s...
U.S. futures were indicating a slightly higher open on Friday, as global stocks largely hovered around the flat line ahead of Federal Reserve Chair Jerome Powell’s hotly-anticipated speech at Jackson Hole.Equities slipped on Thursday as three Fed officials—Robert Kaplan, James Bullard, and Esther George—pushed a hawkish stance on tapering purchases this year. The Dow DJIA, -0.54% fell 192 points on Thursday to close at 35,213, while the S&P 500 SPX, -0.58% declined 0.
His speech is important because the Fed chair could provide clues as to when the central bank will begin slowing—or tapering—its pandemic-era program of monthly asset purchases, which has added critical liquidity to markets since last year.“Deutsche Bank’s U.S. economists think that the speech will largely mirror his remarks at the July Federal Open Market Committee press conference, and so aren’t expecting a strong signal on the Fed’s September meeting.
Michael Hewson, an analyst at broker CMC Markets, noted that “Powell’s speech may well lay the groundwork for some sort of roadmap to be laid out at the September meeting, with the timing of any decision likely to be dependent on how good next week’s August payrolls report is likely to be.
“There appears to be growing concern amongst a number of Fed officials that inflationary pressures are starting to become much more persistent, with [vice] Fed chair Richard Clarida expressing concern earlier this month that a much more persistent overshoot in the core PCE, would fall under the category of a more than moderate overshoot, which might require some action,” said Hewson.
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