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US stocks slip as investors brace for Fed Chair Jerome Powell's speech

Powell
Jerome Powell.Reuters/Joshua Roberts
  • US stocks traded lower Tuesday, with Fed Chair Jerome Powell scheduled to speak at 12:40 p.m. ET in Washington, DC.

  • Markets rallied last week after the Fed's 25-basis-point rate hike and Powell's upbeat comments on the economy.

  • Minneapolis Fed President Neel Kashkari said Tuesday the tight labor market shows the central bank has more to do to bring inflation back under control.

US stocks moved lower Tuesday ahead of Federal Reserve Chairman Jerome Powell's speech at the Economic Club of Washington at 12:40 pm ET.

After Powell's disinflation comment following the Fed's 25-basis-point rate hike last week, markets rallied. Investors interpreted the press conference as more dovish, and on Tuesday they will be watching for insight into upcoming monetary policy.

But Minneapolis Fed President Neel Kashkari said early Tuesday that the tight labor market shows the central bank has more to do to bring inflation back under control and sees the fed funds rate going higher than the consensus.

"We need to raise rates aggressively to put a ceiling on inflation, then let monetary policy work its way through the economy," Kashkari told CNBC.

Here's where US indexes stood as the market opened 9:30 a.m. on Tuesday: 

Here's what else is going on: 

In commodities, bonds, and crypto: 

Read the original article on Business Insider