Powell testimony, earnings, Fed Beige Book: What to Watch
Yahoo Finance Live anchors Josh Lipton and Julie Hyman preview the top headlines and events expected on Wednesday, March 6, including Federal Reserve Chair Jerome Powell's testimony to US lawmakers, corporate earnings from companies like Abercrombie & Fitch (ANF) and Foot Locker (FL), and the Fed's Beige Book report on the US economy.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Luke Carberry Mogan.
Video Transcript
JOSH LIPTON: Starting off with the Fed, Fed Chair Jerome Powell kicking off two days of congressional testimony tomorrow. Starting with the house. Wall Street will be listening closely as Powell will likely cover a host of topics, like inflation, rate cuts, and monetary policy, during an election year. We're also going on the round of commentary from Fed President Mary Daly and Neel Kashkari later in the afternoon.
JULIE HYMAN: And moving on to the earnings front. Campbell's Soup, Abercrombie and Fitch, Foot Locker, and Victoria's Secret all report tomorrow. Victoria's Secret announcing fourth-quarter earnings after the bell. The retailer turning things around over the last six months, it's up more than 30%.
JOSH LIPTON: And moving closer to the economy, the Fed releasing its second Beige Book of the year tomorrow. This newest report will give us more insight on the state of the consumer after January's book showing signs of them pushing back against higher prices. Julie, what's on your radar tomorrow? What are you look for?
JULIE HYMAN: Same thing that's on your radar, I think.
JOSH LIPTON: You think so?
JULIE HYMAN: We're both talking about Jay Powell and his testimony before Congress. I mean, it's an interesting moment for Jay Powell because we've been talking a lot about the presidential election. He would likely get a lot of questions from members of Congress about whether the Fed is politically motivated. There has been a lot of talk about the timing of rate cuts versus the timing of the election. How is it going to affect things? I suspect that's going to be a big topic of conversation.
JOSH LIPTON: Yeah. Well, if you're looking for a sound bite and you were a politician, that would--
JULIE HYMAN: They'd never do that.
JOSH LIPTON: That would be a really good way to go. I think you're right. I think it's true. We haven't heard from him in a while. We've got a lot of economic data since we last heard from him, so always worthwhile. I think you're right. He gets grilled about the economy, inflation rates. I don't really expect him rocking the ship here. I don't expect him to change the narrative. I think we'll hear a lot of, economy is sturdy. Inflation moving in the right direction. Not where I want it yet.
JULIE HYMAN: Right. I think he's going to get grilled on it not being there yet, as well, because many--
JOSH LIPTON: And how long it-- till we get there.
JULIE HYMAN: --of those members of Congress who are hearing from their constituents about higher prices, I would imagine.
JOSH LIPTON: Yeah, I think we hear a lot of patience--
JULIE HYMAN: On his part.
JOSH LIPTON: --caution moving slowly, right direction, yes.
JULIE HYMAN: He's that kind of a guy.
JOSH LIPTON: Yeah.
