Kevin Warsh reiterated that the market needs to make its own decision on where the economy is headed. Not follow the Fed’s guidance. At the same time, he said they will consider the markets moves when determining monetary policy. So, who is following who? NAB’s Gavin Friend says the press conference left markets confused. Chip stocks continued to take a battering head of earnings results for Microsoft and Alpha shortly. Oil prices rise as military actions picks up again in the Middle East, with Trump quoted (on Fox News) as saying Iran will “take a beating”. And today the focus is on European and US GDP, and US income and spending data, plus core PCE and, for the UK, the BoE is expected to keep rates on hold. That’s enough for one day, surely!
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