U.S. Stock Futures Are Higher As Investors Await Chairman Powell's Testimony

United Asset Strategies |

U.S. stock futures are higher:   Futures are up following yesterday’s declines and investors are waiting for Chairman Powell’s testimony and OPEC members are meeting today.  Oil prices continue to increase as refiners refuse to buy Russian oil, curtailing global supply; additionally, energy exporting countries are anticipated to raise production levels and the International Energy Agency stated that certain countries would release reserves.  Powell will begin two days of testimony today at the House and tomorrow at the Senate and is expected to provide the Fed’s interest rate strategy outlook in the midst of geopolitical turmoil. The next Fed meeting is scheduled for March 15 & 16 and the employment report is due this Friday morning.  10y yields eked up to 1.77% from its close of 1.72%,  as traders find safety in sovereign debt.  European markets are higher and Asian markets closed lower.