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Patel Darpan
Jun 20, 2023 10:14PM ET
END THE FED
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Powell appearance, KB Home earnings, Winnebago: 3 things to watch
Published Jun 20, 2023 04:25PM ET
© Reuters.
Investing.com -- Stocks couldn't sustain their recent rally on Tuesday but investors are looking to the testimony this week by Federal Reserve Chair Jerome Powell for some insights on what lies ahead for interest rates.
Powell is scheduled to give his semi-annual testimony on Capitol Hill, starting Wednesday with the House and then Thursday in the Senate. The appearances come just a week after the Fed paused rate increases but signaled it could and probably will raise rates again this year.
Futures traders overwhelmingly see the probability of a quarter of a percentage point increase in July.
But the Fed also projects the benchmark rate could reach 5.6% by the end of the year, which would imply at least two increases of that amount.
Powell's words are coming as a slew of housing data comes out this week, including new and existing home sales. New home sales were hotter than expected in May, suggesting a housing market recovery despite elevated mortgage rates.
Here are three things that could affect markets tomorrow:
1. Powell appears
Powell is scheduled to testify to the House Financial Services Committee starting at 10:00 ET (14:00 GMT), delivering remarks on the state of the economy and the Fed's actions to date to tame inflation.
2. KB Home earnings
Home builder KB Home (NYSE:KBH) is expected to report earnings per share of $1.31 on revenue of $1.4 billion.
3. Winnebago earnings
The recreational vehicle maker Winnebago Industries Inc (NYSE:WGO) is expected to report earnings per share of $1.80 on revenue of $983 million.
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Comments (4)
Steven Angelo
Jun 20, 2023 8:28PM ET
Powell has no credibility. CPI for June will be down to 3%. Zero case for more hikes even with higher home prices.
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john bowen
Jun 20, 2023 8:28PM ET
the core cpi is still over 5%. and core pce is also sticky, which is the FEDs preferred measure of inflation
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Casador Del Oso
Jun 20, 2023 7:57PM ET
Investors are looking for insight...Powell already said 2 more hikes.
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Steven Angelo
Jun 20, 2023 7:57PM ET
hikes are done. Inflation data too weak. By july CPI will be at 3%
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MaxAnalysis
Jun 20, 2023 7:57PM ET
would be risky to bet to heavily on no more hikes
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Angus Malarkey
Jun 20, 2023 5:40PM ET
END THE FED.
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Ac Tektrader
Jun 20, 2023 5:40PM ET
and go back to the boom bust economic system of the19th century..how stupid is that.....
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علي خليل مشرف
Jun 20, 2023 5:40PM ET
AcT
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علي خليل مشرف
Jun 20, 2023 5:40PM ET
Reply
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chris wojo
Jun 20, 2023 5:40PM ET
lol. we had boom and busts after fed also.
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