Fed Chair Powell Says Oil Companies Will Want To See Consistent Rise In Oil Prices, And Believe Its Persistent, To Increase Production Net Of Oil Shock Will Still Be Some Downward Pressure On Spending, Employment, And Upward On Inflation; The Fact That It's Been Five Years Of Above-Target Inflation, You Worry A Shock Could Cause Trouble For Inflation Expectations; Very Strongly Committed To Keeping Inflation Expectations Anchored At 2%; Policy Rate Is High-End Of Neutral, Or Mildly Or Modeslty Restrictive - State Street SPDR S&P 500 ETF Trust (ARCA:SPY), United States Oil Fund (ARCA:USO)
US Fed Chair Powell discusses the potential impact of an oil shock on economic stability, maintaining Inflation expectations at 2.4% and addressing concerns over potential market instability.