Jay Powell Heads to Capitol Hill, Oil’s Big Price Moves, and a Technical Recession Ahead? 03/07/23

Fed chairman Jay Powell heads to Capitol Hill today to testify before the Senate Banking Committee today and the House of Representatives tomorrow. The New York Times’ Jeanna Smialek breaks down the Powell tea leaves. Plus, WTI crude closed above $80 a barrel in yesterday’s session, its highest level since topping $82 a barrel at the end of January. OPIS’ Denton Cinquegrana discusses the energy sector. And, Bank of America CEO Brian Moynihan is predicting a technical recession for the U.S. during the third quarter of this year. RDM Financial Group’s Michael Sheldon and G Squared Private Wealth’s Victoria Greene explain what this means for the markets.