Afternoon Note
Major indices at the lows of the session after Fed’s Waller -who was the first Fed speaker to mention the March cut - sounded more cautious during a speech this morning.
*WALLER: NO REASON TO MOVE AS QUICKLY, CUT AS RAPIDLY AS IN PAST
*FED'S WALLER: WHEN CUTS BEGIN, SHOULD BE METHODICAL AND CAREFUL
*WALLER: FED CAN CUT `THIS YEAR' IF INFLATION DOESN'T REBOUND
Waller's hawkish comments resulted in a spike in yields.
Nowhere to hide with all the sectors in the red, except for Technology which is mostly flat. Financials trading among today’s laggards after Goldman Sachs (GS) and Morgan Stanley (MS) delivered mixed results.
The resolve of the market continues to be impressive, but we still want to see a new high on the S&P.
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4/18/2024 1:37 PM | Didn’t Break Down |
4/18/2024 9:40 AM | MARKET OFF SCRIPT |
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