• Markets In Red Over Disappointment On Fed Chairman's Comments

    March 4, 2021
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    Markets In Red Over Disappointment On Fed Chairman's Comments

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    Fed Chairman Jerome Powell disappointed financial markets today; traders were hoping for confirmation of more interference by the U.S. central bank in a bid to keep interest rates low, which would push prices even higher during the semi-nationwide reopening from CCP virus lockdowns. Powell's comments on inflation increasing also concerned financial professionals.

    Powell said the economic reopening could “create some upward pressure on prices.” Powell did acknowledge the rapid rise in rates recently caught his attention, but said the Fed would need to see a broader increase across the rate spectrum before considering any action, he said during the Wall Street Journal Jobs Summit Thursday, reported CNBC.

    “We monitor a broad range of financial conditions and we think that we are a long way from our goals,” he said.

    “We expect that as the economy reopens and hopefully picks up, we will see inflation move up through base effects...That could create some upward pressure on prices.”

    “I would be concerned by disorderly conditions in markets or persistent tightening in financial conditions that threatens the achievement of our goals.”

    Financial markets are down across the board in all asset classes in response.

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    CDM Staff

    The mission at Creative Destruction Media is to be the catalyst for the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one."
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