Sunday, March 3, 2024

Wall Street subdued ahead of United States jobs data

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The S&P 500 index has closed slightly higher as investors grapple with mixed messages from Federal Reserve Chair Jerome Powell and United States economic data ahead of upcoming labour and inflation reports that are expected to determine the central bank’s future rate hiking path.

In his second day of testimony to Congress on Wednesday, Powell reaffirmed his message from Tuesday, of higher and potentially faster interest rate hikes, but said that debate was still under way with a decision hinging on data to be issued before the US central bank’s policy meeting in two weeks.

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