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Market Awaits Testimony from Fed Chair Powell; Trump Rebuked for Russia Comments

Published July 17, 2018
  • US President Donald Trump shocked fellow politicians and citizens alike yesterday by publicly refusing to blame Russia for meddling in the US 2016 election. Trump has been widely condemned for saying that Russia’s Vladimir Putin claim of denial was “extremely strong and powerful”.
  • Federal Reserve Chair Jerome Powell will deliver the semi-annual monetary policy testimony on the economy later this morning at 10:00 AM EST; Powell will speak before the Senate Banking Committee and will likely reveal any changes in the Fed’s monetary policy stance on further interest rate hikes.
  • The US dollar has been broadly lower this week as investors prepare for Powell’s speech. The Fed’s written Monetary Policy Report noted that the US central bank still expects a “further gradual increase” in interest rates as a result of increasing US economic strength.
  • Oil prices dropped by more than 4 percent yesterday to a three month low on fears of increasing supply in the global oil market; reports of exemptions on Iranian oil sanctions and a reopening of Libyan oil production sent both Brent Crude and WTI lower for the day.
  • The Canadian economy noted a 1.4% growth in month-on-month manufacturing sales. Data on US industrial production and capacity utilization rate will be released at 9:15 AM EST.