Fed Governor Bowman said on Friday that he is willing to support rate hikes if disinflation stalls, or even reverses; and added that he is monitoring economic data to evaluate whether monetary policy is still tight enough.
THE DOW JONES INDUSTRIAL AVERAGE CLOSED ABOVE THE PSYCHOLOGICAL 40,000 LEVEL FOR THE FIRST TIME IN HISTORY.
The Dow closed above 40,000 for the first time on Friday (18/05/24), recording its fifth consecutive week of gains as rising interest rate cut hopes this year and mostly positive quarterly earnings from companies fueled bullish speculation on the stock market.
Investors weighed a rebound in US Treasury yields. Expectations of a September rate cut continued to lend support to the stock market as weaker-than-expected US CPI data on Wednesday was followed by data showing a cooling of the labor market.
The Dow Jones halted its two-day advance on Thursday (16/05/24) after crossing the 40,000 mark for the first time, as investors weighed a rebound in US Treasury yields and a rally in Walmart.
A slower-than-expected US CPI release after 3 months of upward surprises, raising hopes of a faster Fed rate cut and sending US Treasury yields sharply lower.
The DJIA, S&P 500, and NASDAQ closed at all-time highs on Wednesday’s trading (15/05/24) on the back of a slower-than-expected US CPI release after 3 months of upward surprises, raising hopes of a faster Fed rate cut and sending US Treasury yields sharply lower.
The US producer-level Price Index grew at a faster-than-expected pace of 0.5% mom in April (above economists’ 0.3% expectation and up from a downwardly revised contraction to – 0.1% in March) mainly due to high costs of services and goods, signaling inflationary pressures lingered at the start of the second quarter.
The NASDAQ closed at a higher record and led the US stock market gains by 0.8% on Tuesday (14/05/24), ignoring a higher-than-expected inflation report as Federal Reserve Chairman Jerome Powell said the current level of interest rates is already working effectively to curb inflation.
