Futures contracts tied to the major U.S. stock indexes held steady at the start of the overnight session Wednesday evening as Wall Street turned its attention to an upcoming address from Federal Reserve Chairman Jerome Powell.
Thursday's trading is likely to be driven in large part by comments from Fed Chair Jerome Powell, who is expected at 9:10 a.m. ETto combat the economic impact of Covid-19 and foster inflation in the U.S. The Fed's annual symposium will be held virtually this year instead of the usual locale of Jackson Hole, Wyoming.
Powell is expected to acknowledge that ongoing inflation shortfall and announce that the Fed will now have an "average inflation" target. Investors say that the move will allow the Fed to be more comfortable with inflation creeping above the 2% threshold so long as it's eventually offset by periods of below-average price growth.
The prospect of continued stimulative policy could help push the major market indexes to new record highs, a feat both the Nasdaq Composite and S&P 500 clinched on Wednesday.while the Nasdaq popped 1.7% to finish the day at 11,665.06.
Powell on phone with HP ordering ink...
THE STOCK MARKET IS ****NOT**** THE ECONOMY!!!!!
In his last speech Powell repeated several times how the Fed was not anticipating to raisie rates anytime soon. His comments were intended to calm markets in the wake of the pandemic that the world is still dealing with.
Get ready for a gold and silver rally
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