Earlier today, the S&P flash PMI data come in about as expected, but was lower than the prior month:
Manufacturing flash PMI 52.0 vs 53.0 last monthServices flash PMI 53.9 vs 54.5 last monthComposite 53.6 vs 54.6 last month.For the major indices, since August 20, (22 days or around a month of trading), the indices have done well with the Nasdaq leading the way:
Nasdaq index is up 9.07% to the recent all-time highsS&P is up 5.60% to the recent all-time highsDow is up 4.79% to the recent all -time highs.Today, the
Dow fell -0.19%, S&P fell -0.55% and the Nasdaq fell -0.95%.Key comments on monetary policy from his speech were:
“Two-sided risks mean that there is no risk-free path. If we ease too aggressively, we could leave the inflation job unfinished. If we maintain restrictive policy too long, the labor market could soften unnecessarily.”
“We judged it appropriate at our last meeting to take another step toward a more neutral policy stance, lowering the target range for the federal funds rate by 25 basis points to 4 to 4-1/4 percent.”
“Our policy is not on a preset course.”
Fed's Bostic also spoke today and he was more concerned about inflation. He commented that the could support a future adjustment to the Fed’s inflation target, suggesting a range of 1.75% to 2.25% down the road. While not addressing the current outlook directly, he cautioned that inflation has remained above the 2% goal for more than four years, which is cause for concern. Bostic noted that businesses continue to face cost pressures and often have limited ability to absorb them without passing them on, meaning inflationary pressures are likely to persist. He emphasized that he remains worried about inflation even as discussions about the Fed’s policy framework continue.
2 year yield 3.588%, -1.3 basis points.5 year yield 3.668%, -2.8 basis points10 year yield 4.105%, -3.9 basis points30 year yield 4.720%, -4.1 basis points
In the forex market, the USD is closing mixed and little changed with the USDCHF the biggest mover of the major currency pairs. Versus the USD, the major currencies showed the following changes vs the USD:
EUR +0.10%JPY +0.03%GBP +0.08%CHF +0.11%CAD -0.10%AUD -0.02%NZD -0.14%IN other markets:
Crude oil is traing up $1.34 or2.15% at $63.62.Gold rose $17.46 and reached another record at $3791.08. It is trading at $3763Silver is trading near unchanged at $44.00 after reaching another high going back to 2011 at $44.62Bitcoin fell -$841 or 0.75% at $111.901. The digital currency traded as high as $117,968 on September 18. This article was written by Greg Michalowski at investinglive.com.Hence then, the article about investinglive americas fx news wrap 23 sep fed s powell remains cautious on fed policy was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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