Investors shift their focus to Powell's upcoming speech on Wednesday
The Chairman of the Federal Reserve, Jerome Powell has had multiple occasions to inform lawmakers and the public about upcoming actions by the Federal Reserve to reduce the high level of inflation. Although at the last FOMC meeting members decided to not raise its benchmark Fed funds rate and “pause” raising rates as they evaluate the net effect that the 10 consecutive rate hikes which began in March 2022 have had.
Up until recently a percentage of market participants believed that the Federal Reserve would conclude its aggressive rate hikes at some point this year, with some investors anticipating a rate cut. The public needed to hear Powell’s message over and over before accepting the Fed’s aggressive policy.
The conference will contain speeches from ECB President Christine Lagarde, Andrew Bailey, Governor of the Bank of England, Kazuo Ueda, Governor of the Bank of Japan as well as Chairman Powell. Today Christine Lagarde said that inflation is still too high and it is still too early for her organization to declare victory over consumer price rises. In her speech she said, “inflation in the euro area is too high and is set to remain so for too long.
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