Federal Reserve Chair Jerome Powell will take part in a discussion on Economic Outlook on Thursday, October 19 at 12:00 p.m. at the Economic Club of New York. “Powell is expected to be especially hawkish in his crucial policy address on Thursday, amid mounting concerns about rising oil costs, which are being driven by the Israel-Hamas conflict and might stoke inflation fears,” says Nigel Green, CEO of deVere Group, one of the world’s largest independent financial advice firms.
Recent inflation numbers have somewhat fallen, however, remain sticky. Meanwhile, treasury rates have been rising, offering conflicting signals about the direction that monetary policy may go. Markets are looking to Powell for confirmation and clarification on how officials assess both the present situation and long-term trends, even though they expect the Fed to keep rates on hold.
George Pavel General Manager at Capex.com Middle East says, “The USD continued to see some volatility overall and remained in a relatively uncertain direction over the last few days. Attention could turn to today’s release of job market and manufacturing data as well as to the comments from Jerome Powell and other Federal Reserve governors.
The Federal Reserve is still expected to keep its interest rates at elevated levels well into next year. However, some risks remain as the institution could adopt an even tighter stance. As a result, today’s data and comments could fuel volatility.”
Also Read: US Fed Chief Powell speaks at the Economic Club of New York today
On Thursday, at the Economic Club of New York, Powell will present prepared remarks and reply to questions from a moderator during the midday event in New York, according to senior Fed officials. Fed officials are prohibited from discussing the state of the economy or the likely course of policy in the public sphere starting on the second Saturday before policy meetings begin.
Just prior to the start of the blackout period before the next interest-rate decision by the U.S. central bank, investors around the world have the opportunity to hear Federal Reserve Chair Jerome Powell today. The Federal Reserve will meet on October 31 and November 1 to discuss whether to raise interest rates or maintain the status quo.