Follow along to MarketWatch's live coverage of the speech and market reaction to Jerome Powell's speech on Thursday.
Across Wall Street, investors are extremely eager to hear whether Powell will address rising long-term Treasury yields when he speaks on Thursday. Reports in The Wall Street Journal and commentary from senior Fed officials have suggested a new outlook where rising rates could essentially do the Fed's job for it, allowing the central bank to avoid raising its policy rate target further.
By pushing up short-term rates and causing the Treasury yield curve to invert, the Fed may have inadvertently stoked inflation, or at least created conditions that put more money in consumers' pockets. With short term rates so high, consumers --- at least, those with substantial money and assets --- have reaped a windfall from money-market funds and cash throwing off more than 5% in interest income. That's not exactly disinflationary.
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