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US stocks rose to all-time highs on Wednesday, after investors turned to defensive assets amid Fed Chairman Jerome Powell's statements that the central bank will continue to adhere to a soft monetary policy. He said the economy has not completely recovered, so it is risky to cut support measures, such as bond purchases, earlier than scheduled. Powell also added that inflation will remain high before lowering.
So, S&P 500 closed the day higher, but after a while slipped by 0.2%.
Mizuho Securities chief economist Steve Ricchiuto said the statements confirm the idea that the Federal Reserve wants the economy to undergo a short-term spike in inflation.
Inflation increased because producer prices jumped more than expected in June, which indicates expanding pressure on companies to pass higher costs onto consumers. Fed officials said they expect such a scenario to be temporary, but some see the risk of a longer hike, which could lead to a faster-than-expected cut in stimulus.
Nevertheless, the Fed is unlikely to change its stance on monetary policy, at least until the US labor market achieves maximum employment, and inflation reaches 2%.
Other key events this week are:
- policy meeting of the Bank of Korea (Thursday);
- policy meeting of the Bank of Japan (Friday).
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