After U.S. Federal Reserve Chair Jerome Powell crushed investor hopes for interest rate cuts in the near future, stock futures saw a modest decline on Monday morning.
S&P 500 futures saw a 0.15% decline. Futures on the Nasdaq-100 dropped 0.1%, and futures on the Dow Jones Industrial Average declined 40 points, or 0.1%.
In an interview with “60 Minutes” that aired on Sunday, Powell stated, “We want to see more evidence that inflation is moving sustainably down to 2%.” “Our self-assurance is growing. All we need is a little more assurance before we start the crucial process of lowering interest rates.
These remarks are similar to what Powell made following the Fed’s most recent meeting on monetary policy last week. Powell stated it was doubtful that interest rates will be lowered in March after the Fed decided to maintain current levels.
Source (CNBC)
