US indices trade lower as Powell gives evidence to Senate
- US Market
- 8 months ago
U.S. indices closed the session on a lower note as the Fed’s chief Jerome Powell gave evidence before Senate where he once again explained as to why the reserve is keeping a patient approach on interest rates.
Powell’s comments come as some economic data have pointed to slower U.S. economic growth, even as a reading for confidence shot higher.
Hence, the DJIA dropped lower by 0.1% while the S&P 500 and Nasdaq both shed 0.1% and 0.7% respectively.
In testimony before the Senate Banking Committee Powell said that “some economic data have softened,” of late, helping to justify the central bank’s decision to take a breather from further rate increases.
At the same time, he said “the job market remains strong,” and that “we are seeing signs of stronger wage growth,” a trend that could have some members of the Fed’s interest-rate committee eager to raise rates in an effort to head off any resulting inflation.
Source: Smart Trend Team