The Latest Breaking News from Jerome Powell

The Dow Jones Industrial Average rose Friday ahead of Fed Chair Powell's speech. Warren Buffett boosted his stake in Occidental to nearly $13 billion.

S&P 500 rally continues as global stocks catch U.S. Tailwind; Fed Chair Powell speaks in Washington as rate hike bets jump; Deere earnings on deck with industrial demand outlook in focus; Twitter says Microsoft misusing data as AI race heats up and U.S. banks trim Fed borrowing as regionals extend…

June S&P 500 futures (ESM23) are up +0.39%, and June Nasdaq 100 E-Mini futures (NQM23) are up +0.32% this morning as market participants awaited an update on plans to raise the U.S. debt ceiling while bracing for a key speech from Fed Chair Jerome Powell.

Federal Reserve governor Philip Jefferson says inflation remains too high and there has been “little progress” made toward bringing it down to the central bank’s 2% target

Concerns about the debt ceiling also weighed on stocks Friday.

President Joe Biden has nominated Philip Jefferson, a member of the Federal Reserve’s Board of Governors, to serve as vice chair of the board

The S&P 500 logged a weekly gain following the release of encouraging inflation data and a weaker-than-expected first-quarter.

The chances of a soft landing are slim in his opinion.

Stocks wavered after the April CPI report supported the case for the Fed to stop raising rates – but not cut them.