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Powell Testimony to Stress Fed Action to Prevent 'Entrenched' Inflation

Tuesday, January 11, 2022
Powell Testimony to Stress Fed Action to Prevent 'Entrenched' Inflation © Reuters.

By Yasin Ebrahim

Investing.com – Federal Reserve Chairman Jerome Powell will stress that the U.S. central bank will continue to use its tools to support a strong labor market and prevent the risk of elevated for longer inflation, according to prepared remarks ahead of his testimony Tuesday for the Senate Banking Committee.

"We will use our tools to support the economy and a strong labor market and to prevent higher inflation from becoming entrenched," Powell will say in prepared remarks at his confirmation hearing.  "I would like to thank President Biden for nominating me to serve a second term as Chair of the Board of Governors of the Federal Reserve System."

The Fed chief will talk "sustained improvement” in the economy despite the ongoing pandemic, which has "given rise to persistent supply and demand imbalances and bottlenecks, and thus to elevated inflation."

"On the eve of the pandemic, the U.S. economy was enjoying its 11th year of expansion, the longest on record ... [but] this attractive picture turned virtually overnight as the virus swept across the globe," according to the prepared testimony.

The remarks came just days ahead of the U.S. inflation report due Wednesday, expecting to show that the pace of inflation increased at its fastest pace in December since 1982.

Against the backdrop of elevated inflation, bets on the a more aggressive pace of rate hikes have continued to ratchet up, with Wall Street consensus now leaning toward four rate hikes this year, with the first hike as soon as March.

"We know that high inflation exacts a toll, particularly for those less able to meet the higher costs of essentials like food, housing, and transportation. We are strongly committed to achieving our statutory goals of maximum employment and price stability." Powell is expected to say in testimony.

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26-01-2022 10:24:43 (UTC+7)

EUR/USD

1.1278

-0.0021 (-0.19%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

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EUR/USD

1.1278

-0.0021 (-0.19%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

GBP/USD

1.3496

0.0000 (0.00%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (2)

USD/JPY

114.35

+0.49 (+0.43%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (0)

AUD/USD

0.7156

+0.0008 (+0.11%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (3)

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USD/CAD

1.2634

+0.0007 (+0.06%)

Summary

Neutral

Moving Avg:

Buy (8)

Sell (4)

Indicators:

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EUR/JPY

128.96

+0.31 (+0.24%)

Summary

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Moving Avg:

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Indicators:

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EUR/CHF

1.0385

+0.0010 (+0.10%)

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Gold Futures

1,836.95

-15.55 (-0.84%)

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Indicators:

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Sell (6)

Silver Futures

23.867

-0.029 (-0.12%)

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Sell

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Indicators:

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Copper Futures

4.4893

+0.0393 (+0.88%)

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Indicators:

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Crude Oil WTI Futures

87.14

+1.54 (+1.80%)

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↑ Buy

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Indicators:

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Brent Oil Futures

88.69

+1.51 (+1.73%)

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↑ Buy

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Natural Gas Futures

4.114

+0.220 (+5.65%)

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Indicators:

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US Coffee C Futures

238.85

+0.95 (+0.40%)

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Sell (10)

Indicators:

Buy (1)

Sell (6)

Euro Stoxx 50

4,166.55

+88.29 (+2.16%)

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Moving Avg:

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Indicators:

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Sell (8)

S&P 500

4,418.30

+61.85 (+1.42%)

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Indicators:

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DAX

15,456.20

+332.33 (+2.20%)

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FTSE 100

7,491.23

+119.77 (+1.62%)

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Indicators:

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Hang Seng

24,289.90

+46.29 (+0.19%)

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↑ Buy

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US Small Cap 2000

2,029.30

+24.50 (+1.22%)

Summary

Sell

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IBEX 35

8,642.51

+163.01 (+1.92%)

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Sell (8)

BASF SE NA O.N.

67.460

+2.130 (+3.26%)

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Bayer AG NA

51.65

+0.83 (+1.63%)

Summary

Sell

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Sell (4)

Allianz SE VNA O.N.

224.88

+4.83 (+2.19%)

Summary

Neutral

Moving Avg:

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Adidas AG

244.71

+6.96 (+2.93%)

Summary

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Buy (0)

Sell (12)

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Buy (0)

Sell (10)

Deutsche Lufthansa AG

7.035

+0.358 (+5.36%)

Summary

↑ Buy

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Buy (7)

Sell (5)

Indicators:

Buy (9)

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Siemens AG Class N

141.48

+2.96 (+2.14%)

Summary

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Indicators:

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Deutsche Bank AG

11.412

+0.338 (+3.05%)

Summary

↑ Sell

Moving Avg:

Buy (1)

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Indicators:

Buy (0)

Sell (11)

 EUR/USD1.1278↑ Sell
 GBP/USD1.3496Neutral
 USD/JPY114.35Neutral
 AUD/USD0.7156↑ Sell
 USD/CAD1.2634Neutral
 EUR/JPY128.96↑ Sell
 EUR/CHF1.0385↑ Sell
 Gold1,836.95↑ Sell
 Silver23.867Sell
 Copper4.4893↑ Sell
 Crude Oil WTI87.14↑ Buy
 Brent Oil88.69↑ Buy
 Natural Gas4.114↑ Sell
 US Coffee C238.85↑ Sell
 Euro Stoxx 504,166.55↑ Sell
 S&P 5004,418.30↑ Sell
 DAX15,456.20↑ Sell
 FTSE 1007,491.23↑ Sell
 Hang Seng24,289.90↑ Buy
 Small Cap 20002,029.30Sell
 IBEX 358,642.51↑ Sell
 BASF67.460↑ Sell
 Bayer51.65Sell
 Allianz224.88Neutral
 Adidas244.71↑ Sell
 Lufthansa7.035↑ Buy
 Siemens AG141.48↑ Sell
 Deutsche Bank AG11.412↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,190/ 6,240
(-5/ -5) # 1,175
SJC HCM6,180/ 6,245
(-10/ -10) # 1,179
SJC Hanoi6,180/ 6,247
(-10/ -10) # 1,181
SJC Danang6,180/ 6,247
(-10/ -10) # 1,181
SJC Nhatrang6,180/ 6,247
(-10/ -10) # 1,181
SJC Cantho6,180/ 6,247
(-10/ -10) # 1,181
Cập nhật 26-01-2022 10:24:46
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$1,838.13-11.61-0.63%
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Sản phẩmVùng 1Vùng 2
RON 95-IV2486025350
RON 95-II,III
E5 RON 92-II2359024060
DO 0.05S1890019270
DO 0,001S-V1925019630
Dầu hỏa1779018140
ↂ Giá dầu thô thế giới
WTI$86.79-1.82-2.14%
Brent$89.81-0.21-0.24%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.460,0022.770,00
EUR24.918,8126.315,80
GBP29.789,2431.061,45
JPY192,82204,12
KRW16,3519,92
Cập nhật lúc 18:54:49 26/01/2022
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