{"id":42927,"date":"2023-03-07T17:07:00","date_gmt":"2023-03-07T17:07:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=42927"},"modified":"2023-03-10T12:35:43","modified_gmt":"2023-03-10T12:35:43","slug":"market-wrap-powell-sends-markets-lower","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/market-wrap-powell-sends-markets-lower\/","title":{"rendered":"Market Wrap &#8211; Powell sends markets lower"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"42927\" class=\"elementor elementor-42927\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8fd9c69 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8fd9c69\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9b71cb3\" data-id=\"9b71cb3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-223e0a6 elementor-widget elementor-widget-text-editor\" data-id=\"223e0a6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Stocks turned sharply lower after Fed Powell strongly hinted at a 50 basis point rate hike during his semi-annual testimony before US Congress this afternoon.<\/p><p>Chair Powell turned up the hawkish rhetoric, sending the <a href=\"https:\/\/bit.ly\/3WpA7u0\" target=\"_blank\" rel=\"noopener\">S&amp;P500<\/a> crashing towards the 4,000 benchmark level and the <a href=\"http:\/\/bit.ly\/2YAQOVh\" target=\"_blank\" rel=\"noopener\">EURUSD<\/a> pair back under the 1.0600 handle.<\/p><p>In his opening remarks chair Powell said &#8220;The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated. If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes.&#8221;<\/p><p>The odds of 50 basis point hike in March are now up to 42% from about 26% before Powell spoke. The peak rate is now up to 5.59% from 5.45% beforehand, further hinting a shift in market perception.<\/p><p>Some of the comments from Powell were overly hawkish and clear as he noted \u201c<em>If<\/em><em> totality of incoming data indicates faster tightening is warranted, we are prepared to increase pace of hikes<\/em>.\u201d<\/p><p>He also said that \u201c<em>To get\u00a0inflation back to 2% we need to lower core services inflation ex housing and very likely will get some softening in labour market<\/em>\u201d and \u201c<em>History cautions against loosening policy prematurely<\/em>\u201d.<\/p><p>On those comments the bond markets that turned around the market last week, despite hawkish comments from Fed member Waller over the weekend. Buyers stopped in ahead of 5% in 2year notes and 4% in 30 year notes in an attempt to top-tick yields.<\/p><p>Fed Chairman Jerome Powell also said \u201c<em>Wages have been moderating without softening in the labour market<\/em>\u201d and \u201c<em>We have many unusual factors affecting\u00a0inflation\u00a0and I don&#8217;t think anyone knows how this is going to play out<\/em>\u201d during his Q+A session.<\/p><p>He also touched on the economy and said that \u201c<em>The economy is past most estimates of full employment<\/em>\u201d and \u201c<em>Occupancy of office space is remarkably low; over time that space will turn into condos<\/em>\u201d.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Stocks turned sharply lower after Fed Powell strongly hinted at a 50 basis point rate hike during his semi-annual testimony before US Congress this afternoon. Chair Powell turned up the hawkish rhetoric, sending the S&amp;P500 crashing towards the 4,000 benchmark level and the EURUSD pair back under the 1.0600 handle. In his opening remarks chair [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":42947,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[18,42,43,279],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Market Wrap - Powell sends markets lower - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/market-wrap-powell-sends-markets-lower\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Wrap - Powell sends markets lower Market Wrap - Powell sends markets lower\" \/>\n<meta property=\"og:description\" content=\"Stocks turned sharply lower after Fed Powell strongly hinted at a 50 basis point rate hike during his semi-annual testimony before US Congress this afternoon.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/market-wrap-powell-sends-markets-lower\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-07T17:07:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-10T12:35:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2023\/03\/gettyimages-1461436587.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Market Wrap - Powell sends markets lower Market Wrap - Powell sends markets lower\" \/>\n<meta name=\"twitter:description\" content=\"Stocks turned sharply lower after Fed Powell strongly hinted at a 50 basis point rate hike during his semi-annual testimony before US Congress this afternoon.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Batchelor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/market-wrap-powell-sends-markets-lower\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/market-wrap-powell-sends-markets-lower\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"Market Wrap &#8211; 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