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On May 17th, according to the Financial Times, two Federal Reserve officials nominated by US President Trump opposed allowing Jerome Powell to serve as interim chairman of the Fed "without time limit." This highlights the escalating political divisions within the central bank amid continued attacks from the White House. Powells second term as Fed chairman ended on Friday. He was appointed interim chairman to assume the duties until his official successor, Warsh, takes office. Milan and Bowman, nominated by Trump to the Feds board of governors, stated in a joint statement that they supported Powells temporary appointment as interim chairman, but "could not support this action" because the arrangement was "without time limit." Milan voted against it, while Bowman abstained. Milan and Bowman stated that Powells interim chairmanship "should be limited to a clearly defined and finite timeframe, at least one week," but they "can support a maximum period of one month."On May 17, the Africa Centres for Disease Control and Prevention (Africa CDC) convened an emergency regional coordination meeting on May 16, local time, to discuss and deploy a new round of Ebola prevention and control efforts with relevant personnel from the Democratic Republic of Congo, Uganda, South Sudan, the World Health Organization, and the African Medical Association. The meeting focused on current priorities, including cross-border surveillance and early warning management, infection prevention and control, case management, close contact management, logistical support, and resource mobilization.On May 17, US President Trump warned Iran that it would face a "very bad situation" if a peace agreement was not reached soon. In a telephone interview with French broadcaster BFMTV, Trump said, "They are interested in reaching an agreement." Iranian Foreign Minister Araqchi said on Friday that the Iranian government had received a message from the Trump administration indicating its willingness to engage in new negotiations, but he also warned that "distrust" of Washingtons true intentions remained.The Israeli military says it attacked 100 targets in southern Lebanon in two days.Pemex, Mexicos state-owned oil company, stated that the incident posed no risk to people, facilities, or communities.

S&P 500 (SPY) Set For A Sell-Off After Shocking Inflation Data

Alice Wang

Sep 14, 2022 14:24

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Pressure on Stocks Increased by Inflation Data

In premarket trade after the publication of US inflation statistics, S&P 500 futures are down 2.4%.


In August, the inflation rate rose by 8.3% year over year, according to the data, against the consensus estimate of 8.1% among analysts. Analysts had predicted a 0.3% rise, but the Core Inflation Rate increased by 0.6% month over month.


Since many traders thought that reduced oil prices would increase pressure on inflation, the markets were stunned by the inflation statistics. The approaching Fed meeting's anticipations have drastically shifted. According to the FedWatch Tool, there is a 90% chance that rates will go up by 75 basis points at the next meeting, and a 10% chance that rates would go up by a startling 100 basis points.


Unsurprisingly, the U.S. dollar increased after the publication of inflation statistics. The level of Treasury yields increased. At the moment, the yield on 2-year Treasuries is attempting to rise beyond the 3.70% mark.


In today's trade, tech stocks will face significant pressure from increasing Treasury rates and higher inflation. Apple, Microsoft, Alphabet, and Amazon are among the top tech companies with premarket trading losses of between 2 and 3%.


Given that the S&P 500 saw a significant increase in recent trading sessions, the sell-off may be widespread today. It is unclear if any market section will get support from investors.

The S&P 500 Futures Index Dropped Below The 50 EMA

S&P 500 futures have successfully descended below the 50 EMA at 4050 and are now heading in the direction of support around 4015. If S&P 500 is able to go below this mark, it will move toward the next support level, which is at 4000. S&P 500 will be pushed into the support at 3980 if this level is moved below.


In order for the S&P 500 to have a chance of gaining upward momentum in the near future, it must get back above the 50 EMA. The S&P 500's subsequent resistance level is at 4080. If the S&P 500 returns to being above this point, it will move in the direction of the resistance at 4100.

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