What were levels ahead of the Fed Chair Press conference.
U.S. Stocks
- Dow Jones: 51,957.19 (-795.10, -1.51%)
- S&P 500: 7,392.95 (-35.82, -0.48%)
- Nasdaq Composite: 24,798.83 (-87.08, -0.35%)
- Russell 2000: 2,924.86 (-28.94, -0.98%)
- Nasdaq 100: 27,605.74 (-157.40, -0.57%)
U.S. Treasury Yields
- 2-Year: 4.2706% (-0.64 bps)
- 3-Year: 4.3095% (+0.65 bps)
- 5-Year: 4.3820% (+2.10 bps)
- 7-Year: 4.5048% (+2.48 bps)
- 10-Year: 4.6366% (+3.26 bps)
- 20-Year: 5.1554% (+4.14 bps)
- 30-Year: 5.1534% (+3.94 bps)
Commodities & Bitcoin
- WTI Crude Oil: $84.44 (+$5.32, +6.72%)
- Gold: $4,065.07 (+$36.77, +0.91%)
- Silver: $58.1162 (+$1.0072, +1.76%)
- Bitcoin: $64,012 (+161, +0.25%)
Market Snapshot:
Ahead of Kevin Warsh’s first Fed press conference, equities remained under pressure, led by a sharp 1.5% decline in the Dow. Treasury yields were mixed, with the curve steepening as longer-dated yields moved higher. Meanwhile, oil surged nearly 7% and precious metals advanced, reflecting heightened geopolitical concerns and inflation uncertainty going into the Fed Chair’s remarks.
Prepared comments from Fed Chair:
- Discussion was collegial
- The economy is showing impressive resilience even with the recent shocks
- the committee remains resolute to deliver price stability.
- The committee is a steering clear of forecasting
- the 5 years of high inflation has left an impression that is hard to shake that Fed’s implicit price target was above 2%.
- Says that there is no soft target only one target and its 2%.
- Inflation cannot be cured in 9 weeks. There was nothing in there about our discussions or strategy
- Nominal and real yields are material higher
- some of the increases between FOMC meetings are among the most significant in decades.
- Markets are paying attention to the ball and not the referee.
- Markets will continue to respond in direction and magnitude as they see fit.
- The most striking feature is the strong growth in investment.
- Investment is helping to maintain the growth and laying the groundwork for future growth.
This article was written by Greg Michalowski at investinglive.com.
