Global markets hit new records after Powell

Fed Chair Jerome Powell drew attention to the cooling in the labor market in his Senate speech. US stock markets reached new records after Powell. US stocks reached new record closings after Fed Chair Jerome Powell's Senate presentation. The S&P 500 index extended its rise to a sixth day on Tuesday, capping its longest rising streak since January. The Nasdaq 100 also closed the day by reaching a record high. Futures for both indexes rose slightly in the first part of the new trading day. Asia has a more mixed picture. While the Hong Kong and Japanese indexes rose, Australian, South Korean and Chinese stock markets are experiencing losses. The Bloomberg Dollar Index remained unchanged at 1,261 points. The US 10-year bond yield is at 4.30 percent. Fed Chair Jerome Powell drew attention to the risks in the labor market in his Senate presentation, but did not make a clear statement about the timing of the interest rate hike. Speaking in the US Senate on Tuesday, Powell stated that the latest data indicates a serious cooling in the labor market compared to two years ago. Powell, who argued that high inflation was not the only risk they faced, said that cutting interest rates too early could halt the improvement in inflation, but he drew attention to the risks of cutting interest rates too late. LH Meyer Economist Derek Tang, who noted that Powell particularly emphasized labor markets in his speech, made the assessment that “even if further disinflation does not occur, a further cooling in the labor market will be enough for a move.” New Century Advisors Chief Economist Claudia Sahm, who stated that the labor market has shown a serious cooling, said, “The alarm bells are not ringing right now, but we are definitely moving in that direction.”