Wall St eyes higher open, focus on Powell's speech
-U.S. stocks were set to open higher on Friday ahead of a keenly awaited speech by Federal Reserve Chair Jerome Powell at the Jackson Hole summit that could indicate the central bank's interest rate move at its next meeting in September.
Analysts believe a strong dovish tilt from Powell is unlikely and expect him to keep the door open for further tightening to curb inflation. "He will probably continue to say that they are going to continue to monitor the inflation data on a month-on-month basis as they have been." A spate of strong economic data, including a fall in last week's jobless claims, that signalled robust consumer demand and a tight labor market, has dampened hopes that the Fed could be close to the end of its rate-hike cycle.
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