Federal Reserve Chairman Jerome Powell has ensured that today’s US employment data will be closely watched. In his address to Congress, Powell curiously referred to the data point as one of several indicators that signal the Fed’s thinking on how far and how fast rates need to rise.
Tight expectations aren’t the only factor moving markets. Asian bank stocks and technology stocks in 52 Standard & Poor’s 11
Overnight, the bank stock index suffered the largest one-day drop in nearly three years.
This was sparked by the stock sale announcement of start-up lender SVB Financial Group and the decision by cryptocurrency bank Silvergate to cease operations.
