Fed Chair Powell reiterates dovish policy stance
The S&P 500 is trading at session highs with a 0.4% gain, and the Dow (+0.02%) has joined the benchmark index in positive territory. Fed Chair Powell, in a discussion about the global economy at an event hosted by the IMF, has reiterated the need to keep monetary policy accommodative. The Fed Chair added that he sees a brighter economic outlook from fiscal support and vaccination efforts. The discussion is ongoing. Separately, General Motors (GM 60.09, -0.79, -1.3%) will reportedly cut production in several North American factories due to the global chip shortage.