{"id":46866,"date":"2023-06-21T16:56:00","date_gmt":"2023-06-21T15:56:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=46866"},"modified":"2023-06-21T21:36:06","modified_gmt":"2023-06-21T20:36:06","slug":"market-wrap-chair-powell-testimony","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/market-wrap-chair-powell-testimony\/","title":{"rendered":"Market Wrap &#8211; Chair Powell Testimony"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"46866\" class=\"elementor elementor-46866\" 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-720eb38 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"720eb38\" 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-f372dbb\" data-id=\"f372dbb\" 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-e956b2d elementor-widget elementor-widget-text-editor\" data-id=\"e956b2d\" 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>Markets remained in a bearish mood due to concerns over the global economy and also the ongoing Semi-annual testimony from Federal Reserve Chair Powell speaking before congress.<\/p><p>It was a third straight day of losses for European stock markets, with the Stoxx 600 losing around -0.5% and the <a href=\"https:\/\/bit.ly\/3PkzXUx\" target=\"_blank\" rel=\"noopener\">German DAX<\/a> declined by-0.6% on the day.<\/p><p>Elsewhere, the <a href=\"https:\/\/bit.ly\/3XbTF6T\" target=\"_blank\" rel=\"noopener\">UK FTSE 100<\/a> declined by -0.1% and the <a href=\"https:\/\/bit.ly\/3NfSpev\" target=\"_blank\" rel=\"noopener\">Italy MIB<\/a> flatlined around 0.0%. In Europe, the <a href=\"https:\/\/bit.ly\/3PfcW5q\" target=\"_blank\" rel=\"noopener\">Spanish IBEX<\/a> was flat at 0.0% and the <a href=\"https:\/\/bit.ly\/42Ra3uU\" target=\"_blank\" rel=\"noopener\">French CAC<\/a> lost-0.6%.<\/p><p>In the FX market a recovery was underway as the <a href=\"https:\/\/bit.ly\/2YAQOVh\" target=\"_blank\" rel=\"noopener\">EURUSD<\/a> pair traded back towards the 1.0950 area, and the <a href=\"https:\/\/bit.ly\/2Zn4HaM\" target=\"_blank\" rel=\"noopener\">GBPUSD<\/a> attempted to claw back earlier losses after falling towards 1.2700.<\/p><p>Chair Powell during his Q&amp;A session answered a notable of questions on inflation and the economy and he said that the \u201c<em>Level for rates and speed of hikes are separate.<\/em>\u201d<\/p><p>Commented on rate hikes he noted that \u201c<em>It may make sense to move rates higher, at more moderate pace<\/em>\u201d and the \u201c<em>Fed is now moderating the pace of rate hikes.<\/em>\u201d<\/p><p>Talking about regulation he noted that \u201c<em>banking\u00a0regulation should be transparent, consistent not too volatile<\/em>\u201d and that \u201c<em>capital is central to banking regulation.<\/em>\u201d<\/p><p>Chair Powell also highlights lower quits and falling job openings as signs of looser labour market and said that the <a href=\"https:\/\/bit.ly\/42Li306\" target=\"_blank\" rel=\"noopener\">dollar<\/a>&#8216;s status as the global reserve currency is very important.<\/p><p>Federal Reserve member Cook was also on the worse during the US session, he noted that \u201c<em>We&#8217;re not there yet on getting inflation back to target.<\/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>Markets remained in a bearish mood due to concerns over the global economy and also the ongoing Semi-annual testimony from Federal Reserve Chair Powell speaking before congress. It was a third straight day of losses for European stock markets, with the Stoxx 600 losing around -0.5% and the German DAX declined by-0.6% on the day. [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":46868,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[18,42,20,43,601],"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 - Chair Powell Testimony - 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-chair-powell-testimony\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Wrap - Chair Powell Testimony Market Wrap - Chair Powell Testimony\" \/>\n<meta property=\"og:description\" content=\"Markets remained in a bearish mood due to concerns over the global economy and also the ongoing Semi-annual testimony from Federal Reserve Chair Powell speaking before congress.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/market-wrap-chair-powell-testimony\/\" \/>\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=\"2023-06-21T15:56:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-21T20:36:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2023\/06\/GettyImages-1237661593.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"594\" \/>\n\t<meta property=\"og:image:height\" content=\"396\" \/>\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 - Chair Powell Testimony Market Wrap - Chair Powell Testimony\" \/>\n<meta name=\"twitter:description\" content=\"Markets remained in a bearish mood due to concerns over the global economy and also the ongoing Semi-annual testimony from Federal Reserve Chair Powell speaking before congress.\" \/>\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-chair-powell-testimony\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/market-wrap-chair-powell-testimony\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"Market Wrap &#8211; 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