The S&P 500 stock was set to open within 1% of its peak on Tuesday as investors looked to Federal Reserve Chair Jerome Powell’s remarks for clues on how the central bank is balancing inflation risk with its promise to ensure a full jobs market recovery.
In his prepared remarks released late Monday afternoon, Powell said inflation has “increased notably in recent months” but regarded the recent jump as likely to fade. The Fed chief is due to speak before Congress at 2 p.m. ET .“The Fed, and particularly Powell, are going to continue to talk to the transitory nature of inflation,” said Tony Minopoli, chief investment officer at Knights of Columbus Asset Advisors in Connecticut.
“We are at this inflection point where employment is getting better and we move from a stimulus-driven economic situation to a more traditional, consumer-led growth.”
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