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INSTANT VIEW—Fed’s Powell weighs Delta risk, gives no signal on start of bond-buying taper

NEW YORK, Aug 27 (Reuters) - The U.S. economy continues to make progress towards the Federal Reserve’s benchmarks for reducing its pandemic-era emergency programs, Fed Chair Jerome Powell said on Friday, in remarks that defended the view current high inflation will likely pass and stopped short of signaling the timing for any policy shift.

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MARKET REACTION:

STOCKS: The S&P 500 hit a record high
BONDS: The 10-year U.S. Treasury note yield extended a drop
FOREX: The dollar index fell

COMMENTS:

JOHN DOYLE, VICE PRESIDENT OF DEALING AND TRADING, Monex INC.

“It appears the speech was a bit more dovish than some had expected.”

“Powell said that tapering could be appropriate “this year.” Except we already knew that. Minutes from the last Fed meeting showed that “most” participants favored tapering this year. Powell did not indicate tapering would being next month as some expected, hence the “dovish” label.”

“If easing stays in place longer, that is good for stocks and bad for the dollar so the market moves all make sense so far.”

Reporting by Reuters markets team

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In the News

INSTANT VIEW—Fed’s Powell weighs Delta risk, gives no signal on start of bond-buying taper

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MARKET REACTION:

COMMENTS:

JOHN DOYLE, VICE PRESIDENT OF DEALING AND TRADING, Monex INC.

Reporting by Reuters markets team

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JP Carriedo, CEO of Monex International

JP Carriedo, CEO of Monex International

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