While Chair Powell addressed the nation, Secretary Yellen was addressing congress.
The key words from the FOMC statement, and the press conference from Jerome Powell, "may be". In other words, there is little forward guidance. The likely hood of another rate hike exists, but the certainty of when, does not. In Janet Yellen's address to congress, two things were made clear: The Federal action on Silicon Valley Bank is not the normal action to be applied, and the Federal government will help if needed. Personally, I'm not sure what that really means. But the banking sector seems happy about it. Despite dropping yesterday, regional bank stocks seem to be climbing back in early trading.
Over 70% of stocks track with the S&P 500 Futures
Major Events:
Mar 24 Flash Services PMI
Mar 28 Consumer Confidence
Mar 31 Core PCE
Apr 3 ISM Manufacturing PMI
Apr 4 JOLTS Job Openings
Key Numbers Opens: Above or Below
4085.75 was the open of Feb 2023
3972.75 is the open
3968.50 is the open of the Month
3963.75 is the open of the Week
3895.00 is the open of 2023
What's Hot and Not!
Regional Banks and Gold
Gold has continued to climb back, after an early month low. Monday's high of 2003.9 is still the high of the Week, but, after finding a low this week of 1938.0, Gold started to climb and is up in early trading this morning.
All eyes on regional banks after statements from both the FOMC and from Treasury.
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