scorecard
  1. Home
  2. stock market
  3. news
  4. US stocks trade mixed after Fed official pours cold water on rate-cut hopes

US stocks trade mixed after Fed official pours cold water on rate-cut hopes

Aruni Soni   

US stocks trade mixed after Fed official pours cold water on rate-cut hopes
  • Stocks fell on Friday after the NY Fed's president said the central bank isn't discussing rate cuts right now.
  • That comes after policymakers on Wednesday signaled three rate cuts in 2024.

US stocks traded mixed on Friday after New York Federal Reserve President John Williams said the central bank was not currently discussing rate cuts.

"We aren't really talking about rate cuts right now," he said in a CNBC interview. "We're very focused on the question in front of us, which as chair Powell said, the question is, have we gotten monetary policy to sufficiently restrictive stance in order to ensure the inflation comes back down to 2%? That's the question in front of us."

That put a damper on the flurry of optimism following Fed Chair Jerome Powell's dovish comments on Wednesday, when policymakers also signaled three rate cuts in 2024.

Despite Williams' hawkish remarks, stocks are on track for weekly gains, with the Dow eyeing a ninth consecutive weekly advance and the S&P 500 on pace for a seventh straight win.

Here's where US indexes stood as the market opened at 9:30 a.m. on Friday: Here's what else is going on:

In commodities, bonds, and crypto:



Popular Right Now



Advertisement