Opendoor falls as hawkish Fed signals lift yields
Opendoor Technologies shares fell 3.34% to $3.18 Monday as traders reacted to hawkish Federal Reserve comments, rising September hike odds and higher Treasury yields.
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Opendoor Technologies shares fell 3.34% to $3.18 Monday as traders reacted to hawkish Federal Reserve comments, rising September hike odds and higher Treasury yields.
Kevin Warsh used his first Jackson Hole keynote to reaffirm a 2% PCE target and say conditions are not restrictive, pushing markets to price more September rate-hike risk.
Precious-metals miners slid after Kevin Warsh said the Fed’s 2% PCE objective is a firm, fixed target and inflation still needs to move faster toward target.
Fed Chair Kevin Warsh said forward guidance should be limited and over-sharing can mislead markets, firms and households. He stressed confidence that underlying inflation is moving toward the 2% PCE target or “more work to do.”
Fed Chair Kevin Warsh said inflation is still too high, called the 2% objective a firm, fixed target, and said the Fed should focus on prices, not jobs.
Fed’s Warsh said the 2% PCE target is “firm and fixed,” adding underlying inflation must be moving to objective or “we have work to do.” He cited stable labor and healthy consumer spending.
WARSH: FED'S 2% PCE TARGET IS FIRM AND FIXED; IT IS FED'S JOB TO DELIVER STABLE PRICES