US Dollar and Stocks Rally After Fed Chair Powell Senate Testimony

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    Helmholtz Watson

    Federal Reserve Chairman Jerome Powell testified before the…



    Powell Turnaround Tuesday:

    S&P index rose 11.30 points or 0.40% at 2809.71 with a high of 2814.19 from low of 2789.24
    Nasdaq rose 49.298 points or 0.63% at 7855.11 with a high of 7867.14 from low of 7749.60
    Dow rose 55.53 points or 0.22% at 25119.89 with a high of 25155.36 from low of 24989.61.


    Day 2 – Powell Before The House

    Wide range of wage measures have moved up
    Real wages up “pretty consistently across the board”

    Don’t see any bubbles now
    Balance sheet will return to normal in 3-4 years
    Commercial real estate prices are in the “upper range” following years of low interest rates
    On inflation “I would say it’s roughly balanced, maybe slightly more worried about low inflation still.”
    Real wages have been somewhat slow in moving up
    Investment gains may take time to lift productivity

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