A look at the day ahead in markets from Mike Dolan.
Despite some high-octane hawkishness from his colleagues - several more of whom are speaking on Wednesday - Powell seemed to reassure investors with some basic honesty about the peculiarity of this business cycle - and the dangers of extrapolating too much from a few data points or overcommitting on future policy moves.
"We believe the data last week does not accurately reflect the U.S. economy. It isn't booming, although it clearly isn't on the verge of recession either," Columbia Threadneedle Investments economist Steven Bell wrote on Wednesday. Biden hammered corporations for profiteering from the pandemic and ran through a wish list of economic proposals, many of which are unlikely to be passed by Congress. They included a minimum tax for billionaires and a quadrupling of the tax on corporate stock buybacks.
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