Wall Street edges lower ahead of Powell comments – Reuters
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- Indexes down: Dow 0.36%, S&P 0.26%, Nasdaq 0.11%
Feb 7 (Reuters) – Wall Street’s main indexes slipped on Tuesday as investors awaited Federal Reserve Chair Jerome Powell’s comments, which will be scrutinized for further clues on how long the central bank will keep interest rates higher.
Powell’s comments, due at 12:40 p.m. EST (1740 GMT) before the Economic Club of Washington, will be closely monitored after a strong jobs report last week stymied rising hopes of less aggressive monetary policy.
“Markets are still trying to ascertain last Friday’s employment data on the future direction of the Fed,” Sam Stovall, chief investment strategist at CFRA Research, said.
“He (Powell) is expected to pretty much say what he did, that the market might continue to be underestimating what the Fed is going to be doing, even though he did say that they might be raising…
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