$DIA, $SPY, $QQQ, $RUTX, $VXX
FLASH: Next Move May Be Rate Cut and Fed Chairman Powell May Be Invited Back to White House Again
Former Fed Chairwoman Janet Yellen said the FOMC must rely on incoming economic data to determine if its next policy move will be up or down, while likening the current moment to Y 2016 when she kept interest rates on hold almost all year.
“It’s not out of the question that the Fed may need to raise rates again,” Mrs. Yellen said Wednesday in a TV interview before acknowledging that a cut may also be on the cards.
Treasury Secretary Mnuchin and Fed Chairman Powell meet weekly for lunch, a long-held tradition between the heads of the Treasury Department and Fed.
Secretary Mnuchin said they have developed a “very open 2-way dialog.”
Meetings between a President and Fed chief are rare but not unprecedented. The recent dinner followed repeated public criticism by President Trump of Chairman Powell over Fed rate increases that culminated in a report in late December that President Trump had discussed firing the man he picked to lead the central bank.
Secretary Mnuchin said that another meeting between President Trump and Mr. Powell is “something we will contemplate again in the future.”
Wednesday, the major US stock market indexes finished at: DJIA-21.22 at 25390.30, NAS Comp -26.80 at 7375.29, S&P 500 -6.09 at 2731.57
Volume: Trade on the NYSE came in at 795-M/shares exchanged
- Russell 2000 +12.6% YTD
- NAS Comp 11.2% YTD
- S&P 500 +9.0% YTD
- DJIA +8.8% YTD
HeffX-LTN’s overall outlook on the major US stock market indexes is Bullish in here.