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MARKET WRAP: JSE slips as Powell talks jobs

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Fed chair says aggressive rate hikes could put jobs at risk but notes that unemployment in the US is at a historic low

The JSE closed weaker but off the day’s lows on Thursday as investors mulled over Federal Reserve chair Jerome Powell comments about the effect of interest rates hikes on unemployment.

In testimony before the US Senate banking committee, Powell said that aggressive rate hikes could put jobs at risk, while pointing out that unemployment is at a “historically low level” — 3.6% in May, down from nearly 15% in April 2020. A jobless rate above 4% would “still be very strong,” he said...

 

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