Chairman Powell testifies to a Joint Congressional Economic Committee today at 10:00, I believe it will be a non-event at least in regards to his prepared statement,Q&A may be a different story. Powell Likely to say Economy in a good place, Fed is data dependent and may caution that Trade war will hurt global growth. No reason For Powell to upset that Apple cart, so to speak, stock markets are near all-time highs and whiffs of a reflation trade taking hold, Powel will not say anything to disrupt this.
Other Event today is the start of the public hearings on Trump Impeachment starting at 9:00. This will be the third live impeachment proceeding in our Country’s history. Market impact likely to be nil but plenty of attention likely to be paid to the historic event.
Markets trading a bit “risk Off “ Stocks In Hong Kong -1.8%,Spain -1.7% Mib -1.2% and Dax -.6%. Banks and Autos worst performing European Sectors so far today, Spoos, and Nasdaq -.3% Treasury and Bund Yields Lower Currencies steady. CPI at 7:30 expected to show little change from last month, higher or lower then consensus CPI has the ability to move markets.
No tariff adjustments until deal made, Kudlow says: CNBC News:
Tariffs on China Imports Emerge as Hurdle to Trade Deal– Logjam in initial agreement centers on whether the U.S. has agreed to remove existing tariffshttps://www.wsj.com/articles/trump-says-u-s-china-close-on-phase-one-of-trade-deal-11573584025?mod=hp_lead_pos2