Powell Begins 2-Day Testimony
Wall Street Breakfast
Seeking Alpha
3.8 • 950 Ratings
🗓️ 7 March 2023
⏱️ 9 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning. Today is Tuesday, March 7th, and I'm your host Julie Morgan. |
| 0:12.0 | Federal Reserve Chair Jerome Powell begins his two days of testimony on Capitol Hill. |
| 0:17.0 | Today he speaks before the Senate Banking Committee. |
| 0:20.0 | Meta platforms is reportedly set to lay off more workers as early as this week. |
| 0:26.0 | The report says the new cuts are tied to financial targets. |
| 0:30.2 | And the Spirit JetBlue merger appears to be in jeopardy. |
| 0:33.5 | Tuesday is reportedly the day the regulators are looking to come down on the proposed |
| 0:37.5 | merger between JetBlue Airways and Spirit Airlines. |
| 0:40.8 | Spirit fell nearly 9% Monday, but Pre-market is working on gaining back those losses. |
| 0:48.2 | Our top story. |
| 0:49.4 | Investors await Federal Reserve Chair Jerome Powell's semi-annual testimony on monetary policy |
| 0:55.3 | before the Senate Banking Committee today. They're looking for clues on the Central Bank's |
| 0:59.7 | future rate path amid a wave of strong economic data. |
| 1:03.3 | Powell will also testify before the House Financial Services Committee on Wednesday. |
| 1:08.4 | Mike Sakardi is an analyst and a seeking alpha contributor. |
| 1:12.8 | Looking ahead to Powell's testimony, |
| 1:14.9 | he says Powell should be pleased |
| 1:16.9 | with recent market action pricing in higher |
| 1:19.8 | for longer interest rates. |
| 1:21.7 | As evidence, Zakardi pointed to the January 2024 Fed Funds Futures market, |
| 1:27.1 | which has moved up by about a full percentage point |
... |
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