|08-22-2014, 01:44 PM||#1|
?Will Yellen adopt a less dovish stance in Jackson Hole
A very cautious sentiment is dominating the stock market consensus before Federal Reserve Chief Yellen takes center stage at the Jackson Hole gathering on Friday.
Among all Fed speakers, Yellen’s speech will be the Jackson Hole highlight, where she is expected to give her latest views on the health of the labor market, addressing the hawks who say the economy has picked up and it`s now time to tighten policy.
Wednesday`s FOMC minutes showed that the debate is lively right now at the Fed between those who want the central bank to push on raising interest rates and who think it’s time to move toward reducing policy accommodation amid signs the world’s largest economy continues to strengthen.
Any hawkish, or at least less dovish, remarks from Yellen this Friday will help Fed watchers gauge the strength of the world`s largest economy and of course the timing of the next interest rate hike.
Yellen will speak to the Fed`s symposium at 10:00 a.m. in New York time. European Central Bank President Mario Draghi will follow at 02:30 a.m.
Yesterday’s economic news was strong led by another jump in existing home sales, which is the latest good news out of the housing sector, and another decline in jobless claims for the latest good news out of the labor market. The Dow ended 0.4% higher and is back over 17,000 at 17,039.
As of 06:25 a.m. ET, U.S. stock-index futures were slightly lower as follows:
Dow Jones Industrial Average fell 0.20% to 16,982
Standard & Poor`s 500 fell 0.26% to 1,984.30
NASDAQ 100 fell 0.22% to 4,038.25
The dollar was little changed against a six-currenycy basket ahead of Yellen, Draghi at the Jackson Hole, but still ready for its best weekly performance since March. The USDIX traded around 82.19 compared with the previous close at 82.15.
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