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Fed Chair Jerome Powell will testify today at 19:05 MT time. This event is crucial for traders as the tone of the speech may set the risk tone for the markets for the next two weeks. Powell is expected to calm down the skeptical financial markets and push back speculation over the soon policy tightening. He has already mentioned on several occasions that the central bank isn’t going to increase rates any time soon and authorities will warn markets well in advance about any policy changes. Many investors believe that he will stick to this line, but there are still some concerns.
Fed Chair Powell's speech may include hints about the bank's thoughts on inflation as US inflation expectations reached the highest level since 2008 as yields resurge. US yields remain at the high level of 1.50%.
Fear of inflation makes investors concern that the Fed will have to tighten policy sooner than expected, by either cutting bond purchases or even raising rates. That would lead to stocks’ drop and the increased demand for the US dollar. However, Fed asks to cool down as the rise in yields was triggered by economic growth and stimulus. All of that is good for stocks.
Follow Fed Powell’s speech at 19:05 MT time and keep an eye on the charts, big moves are awaited!
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
The US will reveal Non-farm payrolls on January 7, Friday, at 15:30 GMT+2 (MetaTrader time).
The US will publish the Retail Sales on January 14, Friday, at 15:30 GMT+2.
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.
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