S&P 500 rises slightly Thursday, bank shares gain after stress tests
Federal Reserve Chairman Jerome Powell said Thursday he doesn't expect a low-inflation environment to happen anytime soon, complicating decisions for policymakers.
Speaking in Madrid, Spain, the U.S. central bank leader said it could be a "good while" before the rate of price increases returns to the Fed's 2% target. "In terms of rates we're, you know, I think we're just going to have to find our way," Powell said during a question-and-answer session. "You would have thought it would have wouldn't have been thinkable to have a 5% interest rate before the pandemic, and now the question is, is that tight enough policy?" he added. "A strong majority of [Federal Open Market Committee] participants think that we need to do more to get to a level of tight policy ... So I don't think we have the longer-run answer."Two pieces of economic data on Thursday suggested that the U.S.
Meanwhile, weekly jobless claims fell to 239,000, the lowest level since May. Economists surveyed by Dow Jones were expecting 264,000 claims.Bank stocks rose broadly in premarket trading Thursday after passing the Federal Reserve'sThe Fed said Wednesday that all 23 banks included in the annual assessment are well capitalized to weather a severe recession scenario. This year's stress test comes after a slew of bank collapses sent shockwaves through the industry.
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