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Federal Reserve Chairman Warsh: We don’t want to get involved in bailouts; we want to be in a position where we don’t need to bail out any entities.On July 14th, Federal Reserve Chairman Warsh reiterated his commitment not to provide forward guidance on interest rates during a hearing, with his testimony barely touching on interest rate policy. Warsh stated that the Fed is firmly committed to maintaining price stability and pushing inflation back to its 2% target, while emphasizing that the Fed possesses the policy tools needed to achieve this goal. He stated, "The more focused we are on our responsibilities, the further we can stay away from politics." Warsh also said that the Fed will re-examine its inflation framework to gain a deeper understanding of the factors driving inflation and what measures can be taken to address it. Regarding the Feds newly established working groups, Warsh stated that these groups are still in the research and exploration phase. He pointed out that discussions will initially take place among the 19 policymakers, and the entire process will be open and transparent, with research findings and policy ideas being shared regularly. On balance sheet policy, Warsh emphasized that the balance sheet is part of monetary policy, not just a matter of financial market operations. Any adjustments to balance sheet policy will be fully communicated and explained in advance, giving the market sufficient preparation time. When asked how he would respond if Trump attempted to interfere with Federal Reserve policy, Warsh responded that he would continue to fulfill his duties and insist on setting monetary policy independently. He stated that the Federal Reserve has already demonstrated its commitment to policy independence and institutional reform.Federal Reserve Chairman Warsh: More efforts are needed to combat inflation.Federal Reserve Chairman Warsh: We still have some work to do on inflation.Federal Reserve Chairman Warsh: The Fed’s dual mandates are not in conflict.

S&P 500 Price Forecast – Stock Markets Continue to Worry About Rates

Jimmy Khan

Feb 22, 2023 16:31


Technical Analysis of the S&P 500

The S&P 500 E-mini contract started overnight trading poorly and hasn't been making a lot of sense. Yet, the contract's high level of volatility persists, and as a result, downward pressure is beginning to build. It's important to note that the 200-Day EMA and the 50-Day EMA are located immediately below. Given that they are both rather flat, there may not actually be any momentum.


As it is slightly above the psychologically and structurally significant 4000 level, this may pave the way for a support level to develop in that approximate area. You must keep in mind that earnings season is now underway because it could cause the market to fluctuate. The moving averages and the psychologically significant 4000 level, if we were to break down below them, might drive the futures market and the index itself significantly lower.


It thus creates the chance of a decline down to the 3900 level, where we had experienced some buying pressure. Following that, there comes the 3800 level, which is considerably more significant and will get a lot of attention. When it comes to whether or not the market can save itself, we would be in that general area hanging on by a thread.


The previous two candlesticks have undoubtedly looked pretty bearish, and I think that may have some momentum built up in it. If the market were to flip around and bounce, then it may try to move towards the 4200 level. The minutes from the Federal Open Market Committee meeting, which are released on Wednesday, will undoubtedly also be relevant. This ought to provide traders a good indication of what the Federal Reserve members discussed during the meeting and whether or not there is an overall hawkish mindset or if there are any ice cracks appearing. This will have a significant impact on the market.

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