Stocks ended a volatile session higher on Friday after Fed Chair Jerome Powell at the Jackson Hole meet said the U.S. central bank may need to raise interest rates further to ensure inflation is contained. The personal consumption expenditures price index, the Fed's preferred inflation gauge, is set to be released on Thursday and the non-farm pay rolls data is due on Friday. 'While our base case is that the Fed has already reached the end of its tightening cycle, views on the Fed could continue to shift in response to data over coming weeks,' Mark Haefele, chief investment officer at UBS Global Wealth Management, said.
FILE PHOTO: People are seen on Wall Street outside the NYSE in New York, U.S.
However, with Powell acknowledging the progress made on easing price pressures as well as risks from surprising strength of the U.S. economy, the market's focus will now pivot to a slew of key economic data in the week. Investors are also bracing for a potentially volatile September as the market faces key economic data reports, a Fed meeting and worries over a possible government shutdown during a month of historically muted equity performance.
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