On Monday, August 28, 2023, U.S. stocks traded higher, while the dollar added to gains against its global peers and Treasury bond yields slid lower, as markets are keener about a key series of jobs data over the coming week following Friday’s surprisingly hawkish Jackson Hole speech from Federal Reserve Chairman Jerome Powell.
Federal Reserve Chairman Jerome Powell, delivering the keynote address to the central bank’s annual symposium in the western Wyoming resort, suggested that any further rate hikes will probably be required in order to keep the inflation in check amid a growing U.S. economy that is expanding at a 5.8%, as per the current Atlanta Fed projections.
Powell said, “2 months of good data are only the start of what it will take to build confidence that inflation is moving downwards sustainably toward our goal,”
“Additional evidence of persistently above-trend growth could put further progress on inflation at risk and could warrant further tightening of monetary policy.”
There will be no change in rates from the Fed in September, according to the traders expectations, the CME Group’s FedWatch is now pricing in a near 50-50 chance of a quarter point Fed rate hike in November, in a move that would take its benchmark lending rate to between 5.5% and 5.75%.
For the month of August 2023, economists are looking for a net gain of 186,000 new jobs, with average hourly earnings increasing 0.3% on the month and the headline unemployment rate holding at a five-decade low of 3.5%.
Apple Inc. (NASDAQ:AAPL) shares are trading higher 0.21% to $179.08 in currents market on Monday. Hawaiian Electric Industries, Inc. (NYSE:HE) shares are soaring 43.53% to $13.90 on Monday. The healthcare company, Boston Scientific Corporation (NYSE: BSX) shares are gaining up 5.00% to $53.29 in current market on Monday. Shares of micromobility.com Inc (NASDAQ: MCOM) rose 10.00% to $0.088. The GD Culture Group Ltd (NASDAQ: GDC) shares shoots up 65.75% to $4.21.
