- 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.
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.
- BlackRock’s bond chief thinks its “foolhardy” to think the central bank will cut interest rates this year.
- A rally in the housing market could push up Zillow stock as much as 20%, according to Bank of America.
In commodities, bonds, and crypto:
- Oil prices ticked up, with West Texas Intermediate gaining 0.39% to $74.92 a barrel. Brent crude, the international benchmark, rose 0.41% to $79.99 a barrel
- Gold was little changed with a 0.09% gain to $1,873.26 per ounce
- The 10-year yield climbed up 6.7 basis points to 3.587%
- Bitcoin edged up 0.14% to $17,254.64.