With the stock market’s snapback, the focus shifts to Powell testimony and jobs report

With the stock market’s snapback, the focus shifts to Powell testimony and jobs report

Federal Reserve Chairman Jerome Powell testifies before Congress in the week ahead, and markets will hang on what he says regarding how the Powell will deliver his testimony on the economy to the House Committee on Financial Services on Wednesday morning, and then again to the Senate Banking Committee on Thursday. The important February employment report is also released Friday. "Powell speaking is going to be important. Everybody's trying to get a gauge of how he's seeing what the Fed's policy reaction might be in light of recent events," said Jim Caron, head of macro strategies for global fixed income at Morgan Stanley Investment Management. Investors are also keeping a careful eye on the and its related since Russia is a major commodity exporter. Oil initially shot higher in the past week, with Brent crude surging to $105 per barrel before settling back down to about $98 on Friday. "I think Powell's going to have to still be pretty hawkish, even though there's still concerns about what oil prices are going to do to demand. The surge in oil prices is coming at the worst possible time," said Diane Swonk, chief economist at Grant Thornton." It's stoking a well-kindled fire