Fed Chairman Powell, head to Capitol Hill on Tuesday On Monday, St. Louis Fed President James Bullard said he doesn't think the so-called neutral U.S. interest rate is likely to rise much over the next two years.
The main attraction this week will be Fed Chairman Powell, who will head to Capitol Hill on Tuesday for the first of two sessions of questions with U.S. lawmakers. Among other insights, investors want to know if the Fed is planning four interest-rate hikes for 2018 instead of three.
Receding bond yields may also be giving stocks a lift. The yield on the 10-year Treasury note continue to pull lower on Monday, last at 2.85% from 2.871% late Friday.
In the latest economic data, the Chicago Fed national activity index came in at 0.12 in January, compared with 0.14 in the previous month. New-home sales ran at a seasonally adjusted annual rate of 593,000 in January, the Commerce Department said. The MarketWatch consensus forecast was for a 648,000 rate.