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Jerome Powell stands before Congress. What to expect?

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Today and tomorrow, Jerome Powell has statements to Congress. The initial expectation is that he will hardly move away from the familiar position of the Fed - patience in terms of interest rates. He is expected to comment on the Fed's balance sheet and reiterate that they will be data-dependent.

TD Expectations:

  • We expect Powell to emphasize patience, stressing that any subsequent rise in interest rates this year will depend on the level of inflation in the country
  • Regarding the balance, it is unlikely to announce anything new, but it will repeat the expectations of the Balance Sheet Committee by the end of the year.

Scotland:

  • We expect him to talk again about "the recent economic events and the long-term challenges."
  • Scotia does not expect further guidance on new ways of communicating with markets in addition to the existing FOMC, but it has found opportunities for FOMC to improve minutes.

 Trader Martin Nikolov

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