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Yellen Says Opioid Use Is Tied to Declining Labor Participation

Yellen Says Opioid Use Is Tied to Declining Labor Participation

In testimony for delivery to Congress, Mrs Yellen said the Fed would not need to lift rates all that much further to reach current low estimates of the neutral fed funds rate. AUD/CAD is down 0.9%, but naturally, it would be down more if it weren't for the AUD looking relatively strong with AUD/USD hitting a high of $0.7686 and completely overlooking the 2.1% fall in spot iron ore and 1.8% drop in iron ore futures. Currencies generally weaken relative to peers on domestic monetary policy that's construed as accommodative.

Despite Yellen's testimony signaling a "gradual" tightening in interest rates would be appropriate, it also quashed the idea of the Federal Reserve adopting an aggressive rate hike path, as the Fed believes it is not that far from the neutral rate.

-Yellen will continue testifying Thursday.

The dovish sentiment from the Fed at the same time put the S&P 500 financials, which tend to benefit from higher rates, last among sectors, ending with just a gain of 0.1 percent.

-JPMorgan Chase, Citigroup and Wells Fargo report results this week.

-The Stoxx Europe 600 index added 1.5 percent, led by builders and energy companies.

Orlando man OK after van is crushed in I-4 crash
A large metal pipe flew off Wharton's truck, tumbled off the overpass and landed squarely on the roof of Escobar's Pontiac Van. A minivan driver narrowly escaped death when a large metal pipe fell onto his vehicle on I-4 near Orlando.

The S&P 500 healthcare index was up 0.23 percent, showing little reaction to U.S. Senate Majority Leader Mitch McConnell's unveiling of a revised healthcare bill.

Delta Air Lines Inc, United Continental Holdings Inc, Alaska Air Group Inc, Spirit Airlines Inc and JetBlue Airways Corp stocks also gained at least 1 percent each. The core personal consumption expenditure (PCE) price index, a gauge for the inflation level preferred by the Fed, increased 1.4 percent over the year in May, lower than the 1.5 percent in April and 1.6 percent in March.

The Bank of Canada lifting rate by 25 basis points for the first time since 2010 was priced in, and while Governor Poloz struck a cautionary tone he has started what the market feels is the platform for a cycle of interest rate hikes over time, albeit slowly.

Abu Dhabi-based Union National Bank on Wednesday said its second-quarter net profit rose nearly 7 percent, beating analysts' forecast. WTI Crude Oil prices have continues to rise, up 1.5% trading at $45.69 a barrel.

U.S. gold futures for August delivery were up $5.10 an ounce at $1,219.80.


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    Syrian baby Justin Trudeau meets Canada's prime minister

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