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Fed chief: United States outlook stronger since Dec
02 March 2018, 07:36 | Virginia Santiago
Two Reasons Why the US Dollar Will fall, Despite Powell's Short-Term Boost
US stocks suffered their biggest daily drops since a selloff three weeks ago, with the falling almost 1.2%, or about 300 points.
Today's United States data could hammer another nail into the negative psyche of traders and investors, especially if personal spending and income data along with ISM manufacturing also miss expectations.
"This is a continuation of where this Fed was under Chair Yellen", said Robert Albertson, principal and chief strategist at Sandler O'Neill & Partners in NY.
"It remains to be seen whether not there's a response from the foreign government".
"He's very market-oriented, and I like that very much", Kudlow said.
A White House official said Trump will announce tariffs at a meeting Thursday.
In Asia, Japan's Nikkei 225 tumbled 1.4 percent, South Korea's Kospi lost 1.2 percent and the Hang Seng in Hong Kong lost 1.4 percent.
"Powell served as a Fed governor since 2012, and voted alongside the regulatory and policy decisions of both Yellen and her predecessor, Ben Bernanke", said Johnson.
"At the moment, we do not think that these developments seriously weigh on the prospects for economic activity, the labor market and inflation". While a reading above 50 still indicates growth, economists had expected the index to show a more modest drop to 64.2.
We know that because, during Tuesday's Humphrey Hawkins testimony, new Federal Reserve Chairman Jerome Powell served up the first surprise of his nascent reign at the central bank by making some "hawkish" comments about the future of interest rate hikes.
Steelmakers AK Steel Holding rose 9.5 percent, U.S. Steel Corp gained 5.8 percent and Nucor rose 3.26 percent.
COMMODITIES: Benchmark U.S. crude fell $1.22 to $61.79 while Brent crude, the global standard, dropped $1.19 to $65.33 per barrel. The Nasdaq Composite Index also declined 1.2 percent. European shares could edge lower as investors adopt a guarded approach with the caution potentially trickling back down into Wall Street later in the day.
FILE PHOTO: The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, February 26, 2018.
CURRENCIES: The euro was steady at $1.2222 while the dollar fell 0.2 percent to 107.10 yen. Australia's S&P/ASX 200 was down 0.7 percent at 6,016.00.
That could serve as a subtle rebuff to conservatives who don't like the central bank's practice of managing short-term interest rates through payments on the reserve deposits of banks, but also to some of Powell's Fed colleagues who want to mount a sweeping review of the central bank's inflation target. The Fed raised rates three times past year but the level of its benchmark rate remains at a still low 1.25 percent to 1.5 percent.
Inflation eased to 1.2 percent from 1.3 percent in January. In his Congressional testimony on Tuesday, Powell didn't come right out and say Fed policymakers might have to raise rates four times this year (one more than it signaled in December).
"Even though the dollar is stronger and Treasury yields are higher, the gold market oversold itself yesterday, and now we're recovering a bit", said Walter Pehowich, executive vice-president of investment services at Dillon Gage Metals.
US crude settled down 65 cents at $60.99 per barrel and Brent fell 90 cents to settle at $63.83.
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