Powell heads to Capitol Hill, Trump speaks in NY — What to know in the week ahead

Powell heads to Capitol Hill, Trump speaks in NY — What to know in the week ahead

The bond market will be closed Monday in observance of Veteran’s Day, but the stock market will remain open. Federal Reserve Chairman Jerome Powell and President Donald Trump will take centerstage this week. President Trump will be speaking at the Economic Club of New York during a luncheon Tuesday. Market participants will be listening for details and clarity regarding a potential trade deal between the U.S. and China. In the past week, there have been conflicting messages on whether or not additional tariffs will be imposed on Chinese goods. President Trump told reporters Friday that he had not yet decided on whether or not to roll back tariffs as part of a phase one trade deal with China. His comments follow reports earlier in the week a spokesperson for China’s Ministry of Commerce said that both the U.S. and China agreed to reduce tariffs in the face of a phase one deal. There are another round of U.S. tariffs on Chinese goods set to go into effect December 15. Economists are cautious about the potential trade deal, as the impact of the ongoing trade war continue to affect the economy. “As the talks go on, tariffs continue to hammer the US economy,” UBS economist Seth Carpenter wrote in a note to clients Friday. “Imports of goods tariffed in the first $250 bln tranches continue to drift lower and are now 40% below the pre-tariff peak. Goods tariffed on Sep 1 fell 20% in the first month. Examples of tariff […]

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