(As of 7:20 am PST)
It’s all about the Fed today. With little economic data to report on,
investors will be keying in on Federal Reserve Chairwoman Janet Yellen’s speech
at the annual Fed meeting in Jackson Hole.
After Wednesday’s release of some rather ‘hawkish’ FOMC meeting minutes,
investors are anxious to hear what Yellen says about the Fed’s plan to raise
interest rates. At 10 am EST Yellen hit
the mic, and right off the bat indicated that the economy is getting closer to
the Fed’s main objectives. She
emphasized the debate is shifting to when the Fed will raise rates, reminding
the market that the rise could come sooner than later. Stocks began the day lower in anticipation of
Yellen’s speech, but are now see-sawing near the unchanged line. International
markets are mixed with Asian stocks finishing the week on a positive note while
European stocks were hit on renewed tensions between Russia and Ukraine. The market has had a great run this week and
looks to finish the week with solid gains.
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