Federal Reserve Chairman Jerome Powell attended a virtual “Town Hall” event with teachers from around the country in the United States and is giving a speech.
Before the event, it was unclear whether Powell would talk about the Fed's current policies in his speech.
Here are the important highlights from Powell's speech:
FED Chairman Powell did not comment on monetary policy and the outlook for the economy in his prepared speech at the teachers' meeting.
Concerns about a government shutdown rose after House Speaker Kevin McCarthy said a bipartisan Senate spending bill aimed at funding the federal government through mid-November was unlikely to win support from Republican lawmakers.
“There is still little indication that the strong U.S. economy is slowing significantly… Weekly jobless claims came in soft and the final estimate for Q2 GDP remains unchanged,” said Mark Etzkorn, senior manager at E*TRADE at Morgan Stanley.
“Until there is a clear exit from this recession, investors will live with a hawkish Fed, higher interest rates for longer, and possibly more market volatility,” Etzkorn added.
Following today's economic data, the price of Bitcoin experienced a partial increase.
*This is not investment advice.