A modest U.S. stock-market recovery from last year’s carnage will be again put to the test this week, as investors closely watch Powell’s testimony to...
The stock market’s bounce back from last year’s carnage will be again put to the test as investors closely listen to Federal Reserve Chairman Jerome Powell’s testimony before Congress this week for clues to just how high interest rates need to go to win the fight against inflation.
“Many ‘inflationistas’ are saying a 50-basis-point hike is needed because the January data was so ‘hot’ — that is the data reactivity of the bond and stock market, but we expect Powell to emphasize that rates are near neutral now, so there is less of a need to be higher in a hurry and now Fed can be data dependent by the way,” wrote Lee, in a Monday note.
Fed policy makers stepped down to a 25 basis-point increase last month after a half-point move in December and four jumbo 75 basis-point rate increases last year. Fed policy makers may be particularly reluctant to boost the size of rate increases after downshifting at the last meeting, analysts said.
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