PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia discussed the recent market numbers, as well as the recent statement from Jerome Powell about controlling inflation.
Celia stated, “Like on Tuesday, the markets aligned with what Jerome Powell had to say towards the end of the day, finishing up half of 1%. The S&P was up almost 1%. The NASDAQ picked up some much-needed gain after really rough six days—it was up 1.4%. Unfortunately, oil was up as well. West Texas Intermediate is sitting at 81.46. That’s not Brent crude oil. That’s where it closed oil and was up as high as $83 during the day. Brent crude oil closed at 83.80. Apparently, they were expecting Omicron to impact demand for oil. Now they’re saying that may not be the case.
“Of course, on Wednesday we get oil inventory numbers, and we’ll see how that goes. Fed chair Jerome Powell said on Tuesday that rate hikes and tighter policies will be needed to control inflation. The key is that they’re needed to control inflation. Basically, the Fed was coming out saying, ‘I’m going to do whatever’s necessary to control inflation.’ That gave a lot of confidence to traders, even though they believe and understand that there’s going to be four rate hikes and that they’re going to start tightening policy, but at the end of the day, and at the end of this year, continued supply chain disruptions are causing shelves to be empty in both the grocery stores and retail stores. This is going to be driving the economy, the market and consumer sentiment.”
Celia discusses these and other global and economic headlines on his daily, three-hour “Financial Issues” program, heard on more than 660 radio stations and several television networks nationwide, including FISM.TV, viewed on several post-cable television platforms and online.
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