Jerome Powell takes center stage in D.C. and in the markets today, while Bed Bath & Beyond attempts to raise capital.
It’s a busy day for the markets, with Federal Reserve chairman Jerome Powell set to give a speech midday, and then President Biden will close out the day with his State of the Union speech.
Powell takes the stage around noon today, where he’ll participate in a question-and-answer session in Washington D.C.
The jobs report came as a shock to markets on Friday, with 517,000 positions created. On top of that, the unemployment rate dropped to 3.4%, a number not seen since 1969.
Federal Reserve presidents Neel Kashkari and Raphael Bostic were interviewed ahead of Powell’s question and answer session. Both expressed that the Fed may have more work to do before it can even consider pausing or cutting rates.
The CME FedWatch tool shows that investors are expecting a 25 basis point hike from the Fed next month.
Outside of the Fed, Bed Bath & Beyond is in focus as the struggling retailer tries to skirt bankruptcy by raising $1 billion.
The stock soared on Monday afternoon after the company indicated that bankruptcy may be near.
“As we shared last week, we continue to work with advisors as we consider all strategic alternatives to accomplish our near- and long-term goals,” CEO Sue Gove said. “Multiple paths are being explored and we are determining our next steps thoroughly, and in a timely manner. We are committed to updating all stakeholders on our plans as they develop and finalize – particularly our employees and partners, who are the essential catalysts of our business and the cornerstones of our future.”
We’ll be covering all this and more on TheStreet Today.
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