Tech has been pushing the S&P 500 higher even as some cracks start to emerge in the market outlook.
Philadelphia Federal Reserve President Patrick Harker said he'd be in favor of cutting interest rates this year, but likely just once and only as long as the inflation data cooperate. 'I have a forecast for inflation, employment, and economic activity: slowing but above trend growth, a modest rise in the unemployment rate, and a long glide back to target for inflation,' Harker said in remarks for a speech in his home district.
' Inflation metrics this year, particularly regarding 'the long-term stubbornness of shelter inflation,' leave the policymaker looking for more evidence that that inflation is coming down amid 'an air soaked with uncertainty.' 'If the higher inflation in the first quarter was a bump in the road, I want to make sure that the lower inflation we are seeing so far in the second quarter is not a pothole,' he added.
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