Markets have been whipsawed amid concern over economic weakness, the path of interest rates and U.S.-China trade tension. Fed Chairman Jerome Powell could provide more guidance on policy when he speaks Friday at the annual Jackson Hole symposium. Investors have priced in a quarter-percentage-point rate cut next month, but dissenting Fed voices may limit the prospects for the larger movement that some have advocated, including President Donald Trump.
“The big question mark is just going to be Jackson Hole — what’s Powell going to say?” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “You’re seeing the market going higher and lower this week heading into tomorrow, where we could get some market-moving commentary out of Powell’s speech.”
Elsewhere, most euro-area government bonds fell as the European Central Bank expressed concern that investors were losing faith in its ability to revive inflation and after a measure of German manufacturers reinforced recession concern. The British pound jumped as investors seized on hints from European leaders that a Brexit deal could still be reached.
Here are some notable events coming up:
- Fed Chairman Jerome Powell speaks at the central bank’s symposium in Jackson Hole, Wyoming, Friday.
Here are some of the main moves in markets:
- The S&P 500 was little changed at 2,922.95 at 4 p.m. in New York.
- The Stoxx Europe 600 Index declined 0.4%.
- The MSCI Asia Pacific Index fell 0.4%.
- The MSCI Emerging Market Index dipped by 0.8%.
- The Bloomberg Dollar Spot Index was little changed.
- The euro was little changed at $1.1081.
- The British pound climbed 1% to $1.2256.
- The Japanese yen strengthened 0.2% to 106.40 per dollar.
- The yield on 10-year Treasuries increased two basis points to 1.61%.
- Germany’s 10-year yield gained three basis points to -0.64%.
- Britain’s 10-year yield rose four basis points to 0.517%.
- The Bloomberg Commodity Index dropped by 0.5%.
- West Texas Intermediate crude fell 0.6% to $55.35 a barrel.
- Gold dipped 0.5% to $1,508.50 an ounce.