Fed Chair Powell testified in front of congress again yesterday reaffirming that there would not be an interest rate hike for the foreseeable future, with the point of view that they won't reach their inflation target for another 3 years at least. The US will focus mainly on getting the economy back to full employment.

Subsequently Powell’s statements pushed Bond Yields higher, the US Indices rallied well as the Dow hit new all time highs with the S&P not far behind.

On the commodity front Brent’s bull run continued as it pushed to the $66 mark as Oil output dropped on the back of the deep freeze that rampaged through Texas. Gold recovered well after the push down to 1783 to close out the day above 1803.

Economic Calendar

Thursday (SAST)
3:30pm Prelim GDP q/q (USD)