2 hours ago
The Fed will move “cautiously” on interest rate cuts, Powell told 60 Minutes
In an interview with CBS' 60 Minutes on Sunday, Fed Chairman Jerome Powell said the Fed would move “cautiously” on cutting interest rates and suggested the market might be betting on too many cuts.
“We want to see more evidence that inflation is moving sustainably toward 2%,” Powell added. “Our confidence is rising. We just want a little more confidence before we take that very important step of starting to cut interest rates,” Powell told Scott Pelley on 60 Minutes, according to a CBS transcript.
“We will update [the outlook] At the March meeting. “I will say, though, that nothing has happened in the meantime that would lead me to believe that people will change their expectations significantly,” Powell added.
— Jesse Pound, Jeff Cox
3 hours ago
The week is under review
Here are the market statistics for the past week:
- The Dow Jones rose 1.43% for the week, the fourth positive week in a row.
- The S&P 500 rose 1.38% for the week, the fourth positive week in a row.
- The Nasdaq Composite rose 1.12% for the week, the fourth positive week in a row.
- All three major averages have risen in 13 of the past 14 weeks.
– Jesse Pound, Christopher Hayes
3 hours ago
Stock futures contracts are open
Stock futures were quiet when trading began at 6pm in New York, with the three major futures contracts all trading up 0.1% from their previous close.
-Jesse Pound
“Infuriatingly humble alcohol fanatic. Unapologetic beer practitioner. Analyst.”