Powell speaks at Jackson Hole
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The Indian rupee weakened further on Friday, extending its late-session slide from the previous day, as the dollar rose ahead of a speech by Federal Reserve Chair Jerome Powell and on renewed concerns of steep U.
Allianz advisor Mohamed El-Erian named BlackRock's Rick Rieder and former Fed governor Kevin Warsh as top candidates to replace Jerome Powell as Fed chair.
Investors are tracking talks aimed at ending the Russia-Ukraine war and awaiting Federal Reserve Chair Jerome Powell's speech at Jackson Hole at the end of the week.
The U.S. dollar was steady on Friday, poised for a strong weekly performance as investors gear up for an eagerly anticipated speech from the Federal Reserve Chair Jerome Powell that could shape the near-term path for interest rates.
U.S. stocks remain near unchanged, digesting last week's gains. Investors look to key earnings and an annual Fed conference for direction this week.
With market participants looking ahead to Friday's Jackson Hole speech from Federal Reserve Chair Jerome Powell, there are expectations on Wall Street that he may not be as inclined to cut interest rates in September as previously thought.
4don MSN
Powell has used Jackson Hole to battle inflation and buoy jobs; he's now caught between both
Fed Chair Jerome Powell used the central bank's annual Wyoming research conference to promise inflation-fighting rigor when it was needed in 2022, then last year he came to the defense of the job market with promises of lower interest rates when the unemployment rate seemed on a steady rise.
President Donald Trump has threatened a "major lawsuit" against Federal Reserve Chair Jerome Powell, while once again calling for an immediate cut to interest rates following muted inflation data.