With Jerome Powell’s silence on the outlook for monetary policy at an event earlier Tuesday, the equity market struggled to find direction. The choppiness gave way to a rebound in afternoon New York trading, with the S&P 500 coming back above its key 3,900 mark. Treasury two-year US yields pared their advance while the dollar was little changed.
“You’ve got the Fed that’s continuing to try to rain on everybody’s parade, talking about how interest rates need to go higher,” said Brian Nick, chief investment strategist at Nuveen. “So that’s the one fly in the ointment — the Fed is still out there trying to slow things down, and the markets are taking every bit of good news and running with it.”
“What the Fed is communicating has been the subject of extensive and exhaustive debate for much of the last year and they’re in a little bit of a tough spot,” said Olga Bitel, global strategist at William Blair.
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