SPY Technical Analysis for Monday August 28, 2023
SPY Hourly Chart: Neutral Bias within 436.89-445.22 Range
Federal Reserve Signals Cautious Approach to Interest Rate Hikes
Federal Reserve officials, including Jerome Powell, signaled cautious deliberation on future interest rate hikes. Powell emphasized the challenges in reaching inflation targets. Market expectation is for rates to hold steady in September.
The S&P 500 saw its best week since July. Ten-year Treasury yields hovered around 4.2%. The dollar value remained stable. The euro struggled after Christine Lagarde's remarks on the European Central Bank's inflation-targeting stance.
Philadelphia Fed President Patrick Harker advocated maintaining current rates to assess the effect of previous tightening. Loretta Mester of Cleveland warned against insufficient tightening. Austan Goolsbee of the Chicago Fed stated the organization is on track for a soft landing.1
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