Stocks Set to Climb on Powell’s Dovish Fed Stance: Markets Wrap

Stocks Set to Climb on Powell’s Dovish Fed Stance: Markets Wrap

(Bloomberg) -- Stocks are set to climb Monday after U.S. equities rallied to a record and Treasuries advanced on Jerome Powell’s signal of a cautious and gradual withdrawal of pandemic-era Federal Reserve economic support.

Equity futures for Japan, Australia and Hong Kong rose. The S&P 500 hit a new peak Friday following Chair Powell’s Jackson Hole speech, in which he said the Fed may start paring bond purchases this year, but is in no hurry to raise interest rates and would be guided by data to weigh risks from the delta virus variant. Powell didn’t give a specific timeline for scaling back stimulus.