Class CNBC Interview 1/22/23
February 22, 2023
U.S. IPO Weekly Recap: Calendar Is Quieter Than Expected As More Small IPOs Join The Pipeline
February 22, 2023Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., February 17, 2023. REUTERS/Brendan McDermid
- Summary
- Companies
- Fed minutes due at 2:00 p.m. ET
- Palo Alto Networks rises on upbeat forecast
- Intel slides on dividend cut
- Futures up: Dow 0.12%, S&P 0.15%, Nasdaq 0.25%
Feb 22 (Reuters) – Wall Street’s main indexes were set for a slightly higher open on Wednesday, a day after their worst performance of the year, as investors awaited minutes from the Federal Reserve’s policy meeting for fresh clues on the trajectory of interest rates.
U.S. stocks shed more than 2% on Tuesday as investors worried that a rebound in U.S. business activity in February could mean interest rates might need to stay higher for longer.
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Minutes from the Fed’s Jan. 31-Feb. 1 meeting, expected at 2:00 p.m. ET (1900 GMT), are expected to detail the breadth of debate at the central bank over how much further interest rates may need to be raised to slow inflation.
“The obvious focus today is on the Fed minutes which would indicate that the inflation fight is still not over and that there are areas that are showing pockets of strength with the consumer still resilient,” said Peter Cardillo, chief market economist at Spartan Capital Securities.
“We expect all indicators to point to the Fed remaining hawkish in its inflation fight.”
St. Louis Fed President James Bullard said the U.S. central bank needs to get inflation on to a sustainable path down toward its 2% goal this year or else risk a repeat of the 1970s, when rates had to be repeatedly ratcheted up.
New York Fed President John Williams, a voting member of the rate-setting committee this year, is scheduled to speak later in the day.
