US stocks opened mixed on Tuesday as investors digested comments from Federal Reserve officials.
Chairman Jerome Powell said at conference in Stockholm that restoring price stability requires unpopular decisions.
On Monday, San Francisco and Atlanta Fed presidents suggested higher rates for longer.
US stocks opened mixed but largely flat on Tuesday as investors digested hawkish comments from Federal Reserve officials.
Chairman Jerome Powell said at conference in Stockholm that restoring price stability requires unpopular decisions. A day earlier, Federal Reserve presidents from Atlanta and San Francisco suggested that the central bank could keep rates above 5% for a prolonged period.
Meanwhile, the consumer price index report on inflation is due out Thursday, and analysts at Deutsche Bank predict a year-over-year increase of 6.3% against a broader consensus of 6.5%. On core inflation, which strips out volatile food and energy components, Deutsche foresees a slowdown to 5.6% from 6% a month earlier.
‘Big Short’ investor Michael Burry warned stocks would crash and rallies wouldn’t last. Here are 6 of his key tweets in 2022, and what they meant.
The pandemic crash was just the start
There may be epic but short-lived rallies
Don’t be fooled by stocks rebounding
Stocks are on a dangerous trajectory
Burry predicts correctly, but early
Stocks are set to tumble a lot further
Here’s where US indexes stood at the 9:30 a.m. opening bell on Tuesday:
Here’s what else is going on:
Crypto trading firm Coinbase plans to cut 20% of its staff in another round of layoffs.
BlockFi’s chief executive withdrew $9 million from the platform right after receiving a loan from FTX.