Stocks Rise Ahead of Powell's Jackson Hole Speech
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U.S. stocks rose Friday ahead of Federal Reserve Chair Jerome Powell’s speech at Jackson Hole on Friday. Investors will be seeking clues on the path forward for monetary policy.
Investors are looking forward to Powell’s speech hoping to gain clarity on the interest rate outlook. Markets were last pricing in a 75% chance of a quarter-point cut at the September meeting, according to the CME FedWatch tool.
Recently, the prospect of lower interest rates helped bolster parts of the market that have missed out on this year’s rally, with investors dumping megacap tech for small caps and value plays. However, a more hawkish outlook from Powell could throw cold water on the market.
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