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Fed Chairman Powell, “The monetary policy transition is still far away”
Amid concerns about rising interest rates in the US stock market, the major New York stock market indices got mixed up as Fed Chairman Powell delivered a message that the change in monetary policy is still a long way off.
On the 23rd (hereinafter local time), the Dow Jones Industrial Average of the US New York Stock Exchange closed at 31,537.35, an increase of 15.66p (0.05%) from the closing price on the day of previous trade, and the Standard & Poor’s (S&P) 500 Index was 4.87p (0.13%). It was 3881.37 correct.
On the other hand, the Nasdaq Composite Index fell 67.85p (0.5%) and ended at 13,466.20.
The Dow Index rose for 3 consecutive trading days and the S&P 500 Index rose after falling for 5 consecutive trading days. The Nasdaq index fell for two consecutive days.
The Wall Street Journal reported that Jerome Powell, Chairman of the Federal Reserve Board (FRB), noted that the central bank rate hike was not imminent, prompting a rebound in share prices and easing concerns about rising bond yields.
In his semi-annual Senate monetary policy testimony, President Powell told lawmakers that inflation remains modest, alleviating recent concerns about the central bank’s policy shift following the rise in bond yields. He interpreted the recent rate hike as a reflection of the market’s confidence in the economic recovery.
On this day, the 10-year US Treasury rate rose to around 1.39% at the beginning of the market and ended at 1.36%.
Equity markets in major European countries also showed mixed trends. On this day, the FTSE 100 index of the London Stock Exchange in the United Kingdom closed at 6625.94, 0.21% more than the closing price of the previous trading day, and the CAC 40 index of the Stock Exchange Paris stocks rose 0.22% to 5,779.84.
On the other hand, the DAX index of the Frankfurt Stock Exchange fell 0.61% to 138.664.81, while the pan-European Euro Stoxx 50 index closed at 3689.10, 0.29% less.
International oil and gold prices fell. On the same day, the April West Texas crude oil (WTI) price on the New York Stock Exchange fell $ 0.03 (0.1%) per barrel to $ 61.67, and the April gold price on the New Commodity Exchange York fell $ 2.5. (0.1%) per ounce compared to the previous trading day and closed at $ 1805.90.
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