SPDR S&P 500 (SPY)

[nowwhat2]

Highlights :

The Fed is expected to raise interest rates for a fourth time this year in December, Fed funds futures prescribing a 79.2% chance. But as the central bank edges toward a neutral rate, market participants wonder when the rate increases -- engines of dollar strength -- will stop.

Powell's speech is scheduled for noon ET. Fed speakers have been in focus since both Powell, but also the increasingly dovish sounding Vice Chairman Richard Clarida , who spoke on Tuesday have been warning on global growth prospects.

"Powell will be closely watched given market focus on the Fed policy path and narrative, but [color=red]we think it [is] very unlikely he will shift his very balanced stance on the backdrop and gradual rate hike prescription," wrote Elsa[/color] Lignos, global head of FX strategy at RBC.

The speech also comes after President Donald Trump again lashed out at the Fed chief saying he was "not even a little bit happy" with his selection of Powell to succeed Janet Yellen at the helm of the central bank. Trump has blamed the Fed for the stock market's autumn tumble.

The Fed also released its first-ever financial stability report Wednesday, warning about the dangers of corporate debt.



On the trade front, a meeting between Trump and President Xi Jinping of China during the G-20 summit in Buenos Aires this weekend is coming closer. Trump economic adviser Larry Kudlow said Tuesday that the meeting would offer an opportunity to "turn a new page" but also echoed Trump's skepticism over the potential for a resolution of the U.S.-China trade standoff.