Indexes stayed flat Tuesday, cautiously staying green after a rough pullback day. Treasuries rose after Powell said rates would have to stay in place for a longer period of time.
With preliminary closing numbers, the $S&P 500 Index traded -0.21% at the time of writing. The $Dow Jones Industrial Average climbed about 0.17%, and the $Nasdaq Composite Index fell about 0.12%.
MACRO
After last week's inflation data, investors are awaiting further news and speeches from the Federal Reserve on the direction of interest rates. Tuesday morning, the Fed's Vice Chairman Philip Jefferson said inflation is higher than he wished and that it will decline, but the outlook is uncertain.
Federal Reserve Chair Jerome Powell said recent macroeconomic data showed, "a lack of further progress on inflation this year," at a Canadian macroeconomic speaking event in Washington D.C. on Tuesday. He said that the Fed will likely need to keep rates higher for a longer until inflation falls.
In response, the $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ climbed past 5% briefly, a line not crossed since November last year. The $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed to 4.68%
"A year from now, we'll have more answers," Powell said.
Mooers, what are you watching today?