Feb 27, 2018

U.S. economy looking good

Chairman of the Federal Reserve nominee Jerome Powell testifies during his confirmation hearing last year. Photo: Alex Wong/Getty Images

The new Fed Chairman, Jerome Powell, will tell Congress today the economy is growing well and "gradual" interest rate increases will continue, Bloomberg reports. He said recent stock market volatility isn't "weighing heavily" on the economy.

Why it matters: Powell will be making his first appearance before Congress later today since taking over for Janet Yellen. He's expected to continue her policies while he manages the Fed's response quickening economic growth (boosted by the tax bill), rising inflation and lower unemployment, Bloomberg says

  • "The economic outlook remains strong."
  • Inflation will increase and stabilize at around 2%.
  • "Wages should increase at a faster pace as well."

Go deeper

The NFL warms up to betting

Photo: Jim McIsaac/Getty Images

Starting this season, NFL teams in states with legal sports betting will be allowed to have in-stadium betting lounges and accept sponsorships from sportsbooks and betting operators, per multiple reports.

One caveat: There will not be any physical betting windows in the lounges, so they're more "hangout spots for bettors" than an actual "places to make bets."

Situational awareness

President Trump and First Lady Melania Trump at the Taj Mahal. Photo: Mandel Ngan/AFP via Getty Images

New global coronavirus cases shake Asian stocks

Health workers spray disinfectant in Seoul on Feb. 24. Photo: Chung Sung-Jun/Getty Images

New cases of the novel coronavirus have rocked asset prices in Japan, South Korea and Italy, as those nations and others have ratcheted up emergency efforts to contain the outbreak.

What's happening: Asian stock markets continued to tank overnight, as South Korea's Kospi dropped nearly 4%, Australia's ASX fell by 2.3% and Hong Kong's Hang Seng declined by 1.8%. MSCI’s index of Asia-Pacific stocks outside Japan touched its lowest since early February.