23rd June 2021 Morning Report

Federal Reserve Chair Jerome Powell on Tuesday reaffirmed that the Federal Reserve intent to support a “broad and inclusive” recovery of the job market and will not increase interest rates too quickly because of the fear of the possible onset of inflation. He said they would keep a watch on a broad set of labour market statistics, including how different racial and other groups are faring, in setting upcoming monetary policy.

Recent job growth, meanwhile, has been slower than hoped, with some of Powell’s colleagues now openly suggesting the pandemic prompted so many people to retire it may be unrealistic to think the economy can return to the pre-crisis level of employment before the Fed needs to tighten monetary policy.

The Nasdaq closed 0.8% higher setting anew record close and the S&P rose 0.5% after a wobbly session and the Dow Jones Industrial Average was marginally up. 

Bitcoin dipped below 30,000 a 30% drop but has recovered to $32,600 this morning. 

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