The S&P 500 and the technologically heavy Nasdaq 100 went up. Yields on bonds fell, with the 10-year yield hovering around 3.15%. The dollar fell after previous gains, while other safe-haven assets such as gold rose. Speaking to the Senate on Wednesday, Powell made no mention of the size of future increases, but tacitly acknowledged that the Fed had failed to complete its work and said it would be difficult to plan a smooth landing. However, some investors found confirmation in Powell’s comments as a signal that the Fed will take into account the fundamental economic figures and the possibility of a recession as it moves to curb inflation. “It acknowledged that interest rates will continue to rise, but the FOMC is aware that it is monitoring incoming data suggesting that the Fed will not be solely on autopilot,” said Joe Gilbert, portfolio manager for Integrity Asset Management. . Powell’s tone was perceived as “less faltering than he feared” because there was no reference to the “unconditional” commitment to lower inflation at the expense of higher unemployment, Eshcore ISI’s Krishna Guha and Peter Williams wrote in a note. “The Fed is watching closely how the media and others respond to its communications, so we suspect this omission was an accident,” they wrote. Still others expect more uncertainty on the horizon as investors analyze Powell’s testimony and the comments of former New York Fed Chairman Bill Dudley, who said in a Bloomberg Opinion column on Wednesday that the recession is “over.” within the next 12 to 18 months. “No one will want to go in and buy a market, put anything important in the market, and you will have this omnipotent volatility,” said Shawn Cruz, head of trading strategy at TD Ameritrade. interview at Bloomberg Headquarters in New York. The market is still skeptical about the prospects for risky assets. Deutsche Bank AG CEO Christian Sewing has joined a growing chorus of executives and politicians who warn that the global economy could be in recession as central banks step up efforts to curb inflation. Bitcoin has fallen slightly below its key $ 20,000 level as investors continue to worry about a global recession. Powell said Wednesday that there has been no significant macroeconomic impact so far since the fall of cryptocurrencies. He also said that Congress should clarify who has the power to regulate it. President Joe Biden plans to call on Congress to introduce a halt to gasoline taxes to reduce rapid pump prices and ease pressure on consumers. In Europe, stocks fell for the first day this week as miners and energy fell on commodity prices. What to watch this week:

Fed Chairman Jerome Powell’s semi-annual report to the Senate on Wednesday Powell deposition of the US House of Representatives, Thursday Initial US unemployment claims, Thursday PMI for the euro area, France, Germany, United Kingdom, Australia, Thursday ECB Financial Bulletin, Thursday The consumer sentiment of the University of Michigan, USA, Friday RBA’s Lowe speaks to the panel Friday

Some of the main movements in the markets:

inventories

The S&P 500 rose 0.9% at 2:10 p.m. New York time The Nasdaq 100 rose 1 percent The Dow Jones Industrial Average rose 0.8%. The MSCI World Index rose 1.9%.

currency

The Bloomberg Dollar Spot index fell 0.3%. The euro strengthened 0.5 percent to 1.0583 US dollars The British pound fell slightly to 1.2286 US dollars The Japanese yen rose 0.2% to 136.27 yen per dollar

Links

The yield on 10-year bonds fell by 13 basis points to 3.14 percent Germany’s 10-year yield fell 13 basis points to 1.64%. Britain’s 10-year yield fell 16 basis points to 2.50 percent

Goods

West Texas Intermediate crude fell 2.4% to $ 106.84 a barrel Gold futures rose 0.2% to $ 1,842.50 an ounce