The major US stock indices are opening higher, but has given up those gains in early trading. The major indices trade near unchanged.
A snapshot of the market currently shows:
- Dow industrial average unchanged at 35243
- S&P index also unchanged at 4503.70
- NASDAQ index is down marginally by -3 points at 14184
- Russell 2000 is up 5 points at 2056
The market has been helped by a CNBC article saying that Bullard is not joined by other Fed officials in his desire to raise rates by 50 basis points (see post here). The market had nearly priced in a 50 basis point hike at the March meeting after the comments yesterday. Now there is some doubt and it has the market on the defensive.
Comments from Fed officials (especially voting members) will be watched closely ahead of the March 15-16 meeting.
2022 Committee Members
- Jerome H. Powell, Board of Governors, Chair
- John C. Williams, New York, Vice Chair
- Michelle W. Bowman, Board of Governors
- Lael Brainard, Board of Governors
- James Bullard, St. Louis
- Esther L. George, Kansas City
- Loretta J. Mester, Cleveland
- Christopher J. Waller, Board of Governors
Alternate Members
- Meredith Black, Interim President, Dallas
- Charles L. Evans, Chicago
- Patrick Harker, Philadelphia
- Naureen Hassan, First Vice President, New York
- Neel Kashkari, Minneapolis
At the last meeting Patrick Harker voted as an alternate member. Ex Boston Fed President Rosengren resigned recently because of a trading scandal, and was replaced this week by Susan Collins. However, she will not take over until July this year. So there will be a alternate member who will vote at all meetings until that time. There are also 3 Board of Governor seats that remain vacant and are awaiting approval by the Senate.