S&P 500, Nasdaq end at records after Fed speech

Powell signals more hikes ahead if US economy stays strong

By Craig Torres Jerome Powell laid out a doctrine of basing monetary policy as much on how the economy performs in reality as on the prescriptions of academic models as his Federal Reserve tries to extend a almost decade-long expansion.

The Australian dollar dipped 0.05 percent to $0.7245.

The Aussie was up 0.4 percent at $0.7277 AUD=D4 .

Futures indicated Wall Street was set to open higher.

Fed Chair Jerome Powell's speech at the Jackson Hole Economic Policy Symposium provided no support for the US Dollar as he noted that the gradual pace of rate hikes remains appropriate, leaving market pricing unchanged for the timeline of when the Fed will move next.

Although Trump has frequently boasted incorrectly that the USA economy is doing better than it ever has, he complained that "I should be given some help by the Fed".

Another of Trump's former advisers has pleaded guilty to breaking campaign finance laws, bank fraud and tax evasion. "He is going to let policy be governed by the current state of the economy".

Several protesters from the progressive group Fed Up stood outside the conference room where Powell delivered the speech.

The Fed now has raised the federal funds rate by 0.25 of a percentage point seven times since December 2015 after holding the rate at an unprecedented level of near zero for seven years to ease the effects of the recession and the financial crisis.

Lew Alexander, an economist at Nomura, said earlier this week that, "Powell, a lawyer by training, is not known for breaking new conceptual ground on monetary policy or macroeconomics".

Powell's remarks about inflation were seen by some as a sign that the Fed had little need to push rates above their perceived neutral rate, a level of equilibrium for economic growth.

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United States stocks fell modestly after the minutes were published while the dollar weakened against a basket of currencies. This article is strictly for informational purposes only.

Powell reiterated on Friday that the central bank will stick to the strategy of gradual rate hikes to manage potential risks and support domestic economic recovery.

The US dollar bought 111.20 Japanese yen, lower than 111.29 Japanese yen of the previous session. JPY= It was 0.4 percent lower to the euro at $1.15830.

He argued that while some economists were concerned that the uptick in activity would spike prices, Greenspan correctly predicted that greater productive capacity unlocked by technology would stave off inflation risks.

The tech-laden Nasdaq settled at 7,945, up 0.86% on the day, hitting a 52-week peak of 7,949.70.

TOKYO, Aug 24 (Reuters) - Asian stocks fell on Friday after U.S. -China trade talks ended without any progress. MSCI's gauge of stocks across the globe gained 0.53 percent while its emerging market index rose 0.19 percent.

In Europe, the pan-European FTSEurofirst 300 index of regional shares closed up 0.09 percent.

Brent crude futures rose 0.27 percent to $74.93 per barrel, while USA crude added 0.31 percent to $68.04.

Onshore Chinese yuan slipped 0.1 percent to 6.8833 per dollar, its weakest in a week.

The dollar weakened and USA stocks rose following his remarks, with the Nasdaq and benchmark index, the S&P 500, hitting record highs.

Powell also made no mention in his speech of what many economists see as the most serious threat to the economy: The trade war that Trump has launched with America's main trading partners - a conflict that risks depressing USA and global economic growth the longer it goes on and that directly targets Canada.

The materials sector jumped 1.21 percent, the most among the 11 S&P sectors.

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