More Powell testimony: Will see virus impact in data fairly soon

Author: Greg Michalowski | Category: Central Banks

More from chair Powell's testimony in the Senate

  • we will see virus-infected data fairly soon
  • affects could be important in China
  • supply chains is an important issue. 
  • Financial markets can also transmit a reaction to virus
Fed Powell concludes his testimony at 11:24 AM ET.

Overall, the comments were in line with yesterday's testimony and really didn't shed any new light that we don't already know. Coronavirus major concern but it's too early to tell. The Fed is in continue repo operations the 2nd quarter. The economy is in a good place. 

US stocks have been waffling back and forth but moving back higher. The S&P index is just off the day's high level as is the NASDAQ index. The Dow industrial average is a little further off the intraday record high levels

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