![]() UNITED STATES - MAY 12: Sam Bankman-Fried, CEO of FTX US Derivatives, testifies during a House Agriculture Committee hearing on Thursday, May 12, 2022. ![]() But Chair Jerome Powell pushed back against the notion that a shift in the Fed’s path is imminent, with inflation and payrolls still firmly elevated - the latter, still far below the Fed's goal of 2% despite October's decline. Until the latest policy-setting meeting earlier this month, traders hoped Federal Reserve officials would ease their monetary tightening plans as economic data softens. “Yes, there have been data points hinting at the easing of some prices, but they haven’t been able to muster sustainable momentum.” “So far, the effects seem to be not all that appreciably different from zero,” he said in a note late Wednesday. Republicans appeared poised to take control of the House but did not sweep polls at the extent anticipated, undermining optimism over the market-friendly gridlock investors anticipated.Įven as Wall Street awaits political clarity, with vote counting still underway, GLOBALT Investments vice president and senior portfolio manager Thomas Martin argued that markets are laser focused now on only one thing: the effect of central bank tightening on inflation. Thursday's market moves come after each of the major averages slid at least 2% in the previous session over midterm election uncertainty. Initial jobless claims, the most timely snapshot of the labor market, came in at 225,000, a 7,000 increase from the prior week, Labor Department data showed. Elsewhere in economic data - in the shadow of CPI - filings for unemployment insurance rose last week but held near historic lows.
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