Powell’s renomination hearing is concluded

The renomination hearing to the Senate banking committee is completed.

The big take away was the timing of potential balance sheet run off. Powell sees the potential for a run off later in the year citing that it could take two, three, four meetings to decide on the details. He also said that the balance sheet is more focused in the shorter end which could imply a natural reduction through not replacing maturing debt.

The comments helped to push the stocks back higher from negative levels. Nevertheless the

  • Dow industrial average is still near unchanged -6.01 points or -0.02% at 36062.87.
  • The NASDAQ index fared the best and is trading up 140.19 points or 0.94% at 15083.01.
  • The S&P is up 15.67 points or 0.34% at 4685.95
  • the Russell 2000 is trading up 9.42 points or 0.43% at 2180.57

The price of crude oil moved sharply higher help by a lower dollar. The current price is trading at $81.11 up to dollars and $0.88 for 3.68%

The USD moved lower as did the JPY due to risk on flows. The CAD and AUD are the strongest of the majors (also due to risk on flows and higher oil prices).

  • Bitcoin is trading up around $670 and $42,518
  • The price of gold is reacting to the lower dollar and is trading higher by $14.55 or 0.81% at $1815.30
  • Silver is trading higher by $0.28 or 1.22 percent at $22.71

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