Powell to Put Rates, Fed Independence
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Central bankers from around the world are gathering in Jackson Hole, Wyoming, this week. Not for sightseeing or fly fishing, but for the Federal Reserve’s annual Economic Policy Symposium. Fed chair Jay Powell is set to speak Friday and analysts will be paying extra attention to his comments on the labor market — especially after that weak July jobs report we saw a few weeks ago.
U.S. stocks closed lower Thursday, with the S&P 500 index logging a fifth straight daily loss, as technology stocks slumped and investors waited to hear from Federal Reserve Chair Jerome Powell on Friday.