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Powell set to rock the dollar, Gold and Stocks. Calm before the storms – markets found some solace, but it hinges on new soothing words from Federal Reserve Chair Jerome Hayden “Jay” Powell (born February 4, 1953) is the 16th chair of the Federal Reserve, serving in that office since February 2018.While the world’s most powerful was testifying before Congress, stocks held up.
Powell set to rock the dollar, Gold and Stocks
However, Thursday after his testimony, all hell broke loose with bonds and stocks sinking in tandem, placing the dollar back on its throne. King Dollar has since edged lower as markets await another speech by Powell – his last public appearance before the Fed’s “blackout period” leading to its rate decision.
How will he shape expectations? Investors remain worried about potential rate hikes due to rising inflation – a result of fiscal stimulus serving as fuel on the fire of a vaccine-led recovery.
EUR/USD is marginally off daily lows as Powell participates in a televised interview on the economy. US Treasury yields up in anticipation, flirting with weekly highs and providing support to the greenback.
“Calm before the storms – markets found some solace, but it hinges on new soothing words from Federal Reserve Chair Jerome Powell,” says analyst Yohay Elam. “While the world’s most powerful was testifying before Congress, stocks held up. However, Thursday after his testimony, all hell broke loose with bonds and stocks sinking in tandem, placing the dollar back on its throne.”
About Jerome Powell (via Federalreserve.gov)
Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System’s principal monetary policymaking body.
Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.
