Fed Governor Randal Quarles delivered an assessment of the U.S. economy as a “gradual” path for raising interest rates in his speech on monetary policy at a Tokyo symposium. According to Bloomberg Mr. Quarles said, “The U.S. economy appears to be performing very well and, certainly, is in the best shape that it has been in since the crisis and, by many metrics, since well before the crisis.”
Notable corporate earnings announcements today include: Magna International, Gildan Activewear, Lending Tree and Newmont Mining.
Initial jobless claims posted readings near historical lows, at 222,000 in the February 17 week, down 7,000 from the previous week’s downward revised level, taking the 4-week average to 226,000, just below of the 45-year low seen two weeks ago. According to Econoday, the average is down about 13,500 from this time last month.