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Federal Reserve Chair Jerome Powell provides twice-a-year updates to Congress regarding the outlook for the U.S. economic growth. Today he will be testifying before Congress and the expectations are for a positive update.
United States
President Trump threatened to impose high tariffs on car imports from the European Union if they do not come to an agreement on a new trade deal. The new deal could amount to 25% more on cars from the European Union.
Today, stocks stalled out near record highs which remain on track to be their best year in a decade. Optimism about the global economy is still at the fore as the U.S. and China continue to improve on trade relations.
The volatility of the China-United States trade war may finally be slowing down. Only a few days after agreeing to phase one of a new trade deal, China has announced a one-year tariff exemption on six chemical and oil derivatives, a positive sign that tensions are easing, and progress is being made. These exemptions become effective on December 26, 2019 and are set to expire on December 25, 2020.
The bulls are off and running today because there is a bevy of bullish headlines including optimism over a U.S./Chinese trade deal and a missile attack on an Iranian oil tanker.
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