The Nasdaq Composite rose 48.52 points, or 0.4%, to 13,550.71. Meanwhile, the Dow Jones Industrial Average lost 85.72 points, or 0.3%, to 33,865.80 and the S&P 500 lost 1.35 points, or 0.03%, to 4,364.34.
The main indices of Wall Street They operate mixed this Thursday, June 22, after the president of the Federal Reserve (Fed) Jerome Powell rule out a rate cut until there is confidence that inflation will drop to 2%.
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He Nasdaq Composite It climbs 48.52 points, or 0.4%, to 13,550.71. Meanwhile, the Dow Jones Industrial Average loses 85.72 points, or 0.3%, to 33,865.80 units and the S&P 500 it gave up 1.35 points, or 0.03%, at 4,364.34 units.
Rate cuts should wait for confidence that inflation will drop to 2%
The test for interest rate cuts fed going forward is confidence that inflation is declining and any reduction will have to wait until central bank officials are confident that inflation is moving toward the 2% target, Fed Chairman Jerome said Thursday. Powell.
“We don’t see that happening anytime soon,” Powell told the Senate Banking Commission on the second day of appearances before Congress. “The test for that is that we have confidence that inflation is moving back towards our 2% target. We want to have confidence.”
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Although the latest median projection among monetary policy makers in the fed does show that rates could start to come down next year, Powell said that “it will have to wait for a time when we are sure that inflation is coming down to 2%”.
Meanwhile, the Treasury yields improved, as investors focused on Powell’s comments and the BoE’s rate hike. Benchmark 10-year notes rose 6.2 basis points to 3.785%, from 3.723% the day before.
Source: Ambito
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