Why it matters: The jump is being read as a sign that America's economy is snapping back from lockdowns faster than expected as shoppers head back to newly reopened stores.
Additionally, the federal government's stimulus efforts and enhanced unemployment benefits of an additional $600 a week have boosted retail sales, experts say. The benefits are scheduled to end next month. But he thinks that with unemployment still high, payments won't be allowed to lapse entirely — and if they are, more fiscal support from Congress is likely to follow.reasonable probability"We have a long road ahead of us," he said. Powell will testify before members of the US House of Representatives on Wednesday.The Federal Reserve is buying junk bonds and corporate debt ETFs as part of its campaign to revive the American economy.
Minerd warned his clients back in February — when US stocks were rising to ever greater heights — that there were"red flags" in financial markets. Technically, the Fed does not have the legal authority to purchase stocks, although former Fed chief Janet Yellen told CNBC in April that the US central bank should seek that power.
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