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Fed governors increasingly gang up on the boss- check out the S+P 500 futures today

There were a couple of important Fed governors speaking yesterday and the take-away from their comments was to further walk back on the recent dovish comments from their boss, Jerome Powell. Thoughts from this analyst increasingly suggest that Powell is becoming more and more isolated, but of course the usual rhetoric from all these guys is to divide and conquer in respect of how they impact the markets. Maybe that is what is unfolding right now, but if not then Powell might have a problem. He is due to speak later today and it is possible he might just change his tune slightly and right now that will be enough to send more clarity to the stock markets and the dollar. The economic data will do the rest and right now that continues to suggest there is no need for the Fed to rush in cutting rates. That argument has been repeatedly noted here and right now the bond markets are waking up to that too. So, did the stock markets yesterday and all closed lower as a result. The S+P 500 was the best US stock market index in relative terms, but nevertheless it still set a negative close last night, albeit just above 5,200 (5,205). It remains to be seen if it will close above that level later today though
 

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