Stocks are rising in early trading ahead of a speech by Federal Reserve chief Jerome H. Powell on Friday morning.
Stocks are rising in early trading Friday ahead of a speech by the head of the Federal Reserve.
The Standard & Poor’s 500 was up 0.4%, coming off its worst loss in three weeks. The Dow Jones industrial average was up 163 points, or 0.5%, at 34,362, as of 9:40 a.m. Eastern, and the Nasdaq composite was 0.6% higher. The day’s headliner is Fed Chair Jerome H. Powell, who is giving a speech at an annual Fed event that’s been the venue for big policy announcements in the past. The hope among investors is that he’ll say the fall in inflation over the last year is encouraging and that the Fed may be done with hiking interest rates.
But such hopes have been diminishing following a string of stronger-than-expected reports on the economy. They could be putting upward pressure on inflation, and the worry for investors is that Powell at the least will say no cuts to rates are coming early next year, as some traders have bet. He is scheduled to speak at 10:05 a.m. Eastern.
The Fed has already hiked its main interest rate to the highest level since 2001 in its drive to grind down high inflation. High rates do that by bluntly slowing the economy and hurting prices for investments. They’ve already sent the manufacturing industry into contraction and resulted in three high-profile
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