Stocks Fluctuate Ahead of Fed Chair Speech

Stock markets wobbled on Thursday (8/22) as investors anticipated a speech by US Federal Reserve (The Fed) Chairman Jerome Powell, with hopes he would provide more clues regarding the interest rate cut the market is expecting. On Friday (8/23), the spotlight will be on Powell when he speaks at the annual meeting of global central bankers in Jackson Hole, Wyoming, where investors hope to catch new signals about the Fed's plans. “We can see increasing tensions ahead of Powell’s speech,” Ipek Ozkardeskaya, senior analyst at Swissquote Bank, told AFP news agency. “The market is bracing for possible turbulence on Friday,” he added. Investor confidence in a rate cut increased after minutes from the Fed’s July policy meeting, released Wednesday (8/21), showed that most Fed members believed the plan to lower borrowing costs in September was the “right” decision. Traders' confidence was also boosted by official figures showing that US employers added about 68,000 more jobs each month in the year to March than initially estimated. U.S. data released Thursday (4/22) showed initial jobless claims rose by 4,000 last week, a modest development, “which is unlikely to change the market’s view of a rate cut,” said Briefing.com analyst Patrick O'Hare. An …

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Stocks Fluctuate Ahead of Fed Chair Speech

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