Published: Mon, July 17, 2017
Sport | By Gary Shelton

Yellen's Testimony Gives Traders Pause About Rate Hikes: Chart

Yellen's Testimony Gives Traders Pause About Rate Hikes: Chart

While investors and some Fed officials are anxious about the recent dip in inflation and are looking for greater progress toward the central bank's 2% target, Yellen argued that some temporary factors are holding back inflation but the Fed is still on pace to hit its target goal. But while Yellen was mostly positive, "her forward-looking comments on the economy and rates seemed a bit less emphatic than those from her press briefing last month", noted Jim O'Sullivan, chief USA economist at High Frequency Economics. Analysts are now holding a 55 percent expectation for a rate hike in December while the expectation for a September rate hike which was at one point highly anticipated is now under 10 percent.

-Yellen will continue testifying Thursday.

The Dow Jones Industrial Average rose 123.07 points, or 0.57 percent, to close at 21,532.14, a record high.

-The S&P 500 index advanced 0.7 percent as of 4 p.m.in NY, 0.4 percent short of its closing record.

Wall Street rose modestly on Thursday afternoon, helped by gains in financials ahead of profit reports from several big us banks Friday. Real-estate and technology shares led gains.

In response to Yellen's statement the MSCI's broadest index outside of Japan gained 0.45 percent to hit highs not seen since mid-2015.

Neerja named the best picture at IIFA 2017
However, Sushant has not reverted to the Twitter reactions yet, but we are eagerly waiting what will he say this time. It was quite evident from a subtle yet sarcastic tweet that he sent out after Shahid was announced as the victor .

An index of airline stocks was up 2.3 percent after the No. 1 USA airline, American Airlines Group Inc, reported quarterly results that beat expectations and its shares rose 4.2 percent.

Looking ahead, Canada new housing price index for May, US PPI for June and US weekly jobless claims for the week ended July 8 are slated for release In the NY session.

Spot gold was up 0.3 per cent at $1,220.58 an ounce at 1405 GMT, having fallen to its weakest since early April at 1,204.45 an ounce early in the week.

The yield on the 10-year Treasury note fell 4 basis points to 2.319% as bond prices, which move inversely to yields, rose.

Labor force participation in the US has plummeted since the start of the 21st century, and male involvement in the workforce has been falling off ever since the 1950s.

-A billion-barrel crude discovery in Mexico could be just the lure the country badly needs to boost investment from oil majors.

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