Federal Reserve Chair Jerome Powell spoke in front of Senate lawmakers on Tuesday, continuing his Capitol Hill testimony for a second day on Wednesday, with Wall Street waiting to hear any signals for a potential interest rate cut.
Tocqueville Asset Management portfolio manager John Petrides and WisdomTree head of fixed income Strategy Kevin Flanagan join Catalysts to give insight into how much the stock market (^DJI, ^IXIC, ^GSPC) should put into what Powell has to say before Congress and his confidence in inflation data-dependence.
Flanagan explains the Fed’s current position: “The Fed does not want to make a mistake here one way or the other, right? They don’t want to be on hold too long, but they don’t want to cut rates too soon. So it is kind of a tight rope that Powell and company are walking.”
Petrides summarizes the Fed’s hesitancy in wanting to avoid 1970s-era policy mistakes: “Clearly there’s more conviction.”
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