Fed's Powell to speak in Denver

The US afternoon session has some significant events.

  • At 1 PM ET. the US treasury will begin their auction process with the selling of $38 billion of 3 year notes. Tomorrow they will follow up with the sale of 10 year notes and on Thursday, the treasury will auction 30 year bonds
  • At 1:35 PM, Chicago Fed Pres. Charles Evans will speak in a moderated Q&A at a Chicago Rotary club luncheon. No text is expected but there will be question-and-answer from the audience and media
  • At 2:30 PM ET, Fed chair Jay Powell will speak at the annual meeting of the national Association for business economics in Denver Colorado. There will be text of his speech and expectations are that there will also be question-and-answer from a moderator.

Last week Powell said:

  • Our job is to keep economy good as long as possible
  • Inflation is running close to, but a bit below, the 2% objective
  • Economy is facing longer-term challenges
  • When rates are too low, we have less room to cut rates if there is a downturn

Currently in the market:

  • the S&P index is down -31.94 points or -1.09% at 2906.66. The low reached 2896.71. The high extended to 2920.40
  • The NASDAQ index is down -27.9 points or -1.1% at 7868.68. The low extended to 7835.56. The high reached 7904.523
  • The Dowindustrial average is down -237 points or -0.90% at 26240. 60. The low extended to 26139.80. The high reached 26276.59
  • spot gold is trading up $8 or 0.53% at $1501.30
  • WTI crude oil futures are down -$0.58 or -1.10% to $52.17
  • US yields have come off low levels for the day (see values for the day in the chart below).
Fed's Powell to speak in Denver