Forex Analysis & Reviews: 23.06.2023 - Powell promises hands-off...

InstaForex - Official partner of Dragon Racing

This section features the most important information about trading with InstaForex. We provide both analysis from leading experts for experienced traders and articles on trading conditions for beginners. Our services will help increase your profit potential.

Become Trader

Account Opening

See also

Trading Conditions

Forex Analytics

Charts

This section is designed for those who are just starting their trading journey. InstaForex educational and analytical materials will meet your training needs. Our experts' recommendations will make your first steps to trading success simple and clear.

Start as Beginner

How to start trading

Useful information

Training and recordings

InstaForex innovative services are an essential element of productive investment. We strive to provide our clients with advanced technical capabilities and make their trading routine comfortable as we are recognized as the best broker in this regard.

Become Investor

PAMM System

ForexCopy System

Passive investments

OYS account

Partnership with InstaForex is beneficial and top-tier. Join our affiliate programs and enjoy bonuses, partner rewards, and the possibility to travel with the team of the world-renowned brand.

Become Partner

Main Page

Partner Area

Advantages for Affiliates

Registration

This section contains the most lucrative offers from InstaForex. Receive bonuses when topping up an account, compete with other traders, and get real prizes even when trading in a demo account.

All Promo Campaigns

Bonuses

Contests

Events

Holidays with InstaForex are not only pleasant but also useful. We offer a one-stop portal, numerous forums, and corporate blogs, where traders can exchange experiences and become successfully integrated into the Forex community.

Full details

Forums

We are in social networks

Forex humour

Forex Portal

InstaForex is an international brand created in 2007. The company provides services for online FX trading and is recognized as one of the world's leading brokers. We have won the trust of more than 7,000,000 retail traders, who have already appreciated our reliability and focus on innovations.

Learn More

History

Why Choose Us

InstaSport

Regulation

Company News

Awards

InstaForex Stars

InstaForex Offline

Headquarters

Key documents

Social Responsibility

InstaForex - Official partner of Dragon Racing

23.06.2023 03:23 PM

Powell promises hands-off approach with smaller banks

Jerome Powell, Chairman of the Federal Reserve, announced yesterday that smaller banking institutions will likely not be affected by new capital requirements. This announcement comes after March's financial crisis, during which three American banks went bankrupt, and the US financial system took a severe hit. The regulator is now actively developing new capital requirements and other measures to avoid such situations in the future.

Responding to concerns about proposed regulations tightening oversight of larger banks, Powell reassured members of the Senate Banking Committee that the rules were still in the drafting stage. He also expressed concerns about how increased capital requirements might impact lending conditions. "More capital means more stable banks and stronger banks, but there's also a trade-off there. You've got to make a judgment about where you draw that line," Powell stated.

The Fed chairman believes that new requirements should not apply to banks with less than $100 billion in assets. This brought some relief to Republican lawmakers who doubted the need for changes. If that is the case, the new rules will apply to roughly 25 of the largest banks in the US.

Premarket movers

Shares of Starbucks declined by 1.1% in premarket trading after a workers' union announced that some stores would go on strike today following claims that the company did not allow its cafes to be decorated for Pride Month.

Used car retailer CarMax, experienced a 6.8% surge after its Q1 revenue exceeded expectations. The firm posted revenues of $7.69 billion, above the analysts' estimates of $7.49 billion.

Shares of Virgin Galactic tumbled by 12.4% during the premarket. The slump followed the company's announcement of raising $300 million via a common share issuance, with the company signalling its plans to secure an additional $400 million for spacecraft fleet enhancements.

Home goods retailer Wayfair advanced by 1% after MoffettNathanson upgraded the stock to "hold" from a previous "sell" rating. The investment firm cited Wayfair's perceived benefits from the bankruptcy of rival Bed Bath & Beyond as a reason for the upgrade.

Shares of Accenture declined by 1.5% in premarket trading as investors seized the opportunity to take profits in light of a less than stellar earnings report. Despite the recent dip, Accenture's shares have risen by 15% growth since the beginning of 2023.

As for the technical picture of the S&P500, demand for the index is declining. Bulls still have a chance to continue the uptrend, but they will need to regain $4,383 and $4,416, from which the index might surge to $4,447. An equally important task will be maintaining control over the $4,488, which will reinforce the bull market. Should a risk-off mood lead to a downward move, bulls will need to act around $4,350. A break below this level will quickly push the trading instrument back to $4,320 and open the way towards $4,290.

You have already liked this post today

*Disclaimer: The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.