US stocks fell again overnight! The Dow fell 1.15% to close at 29926.94, the Nasdaq fell 0.68% to close at 11073.31, and the S&P 500 fell 1.02% to close at 3744.52.
A series of hawkish speeches from Fed officials weighed on the stock market.
In a meeting hosted by Bremer Financial Corporation, Minneapolis Fed President Kashkari said,I’m not ready to announce a pause in rate hikes unless I see some evidence that underlying inflation is solidly peaking and is expected to come back down. I think we’re quite some distance away from pausing rate hikes.
New Fed Governor Lisa Cook said:She supports monetary policy tightening, and to curb inflation, it is necessary to raise interest rates further and keep monetary policy restrictive to the economy for some time.
Chicago Fed President Evans said:U.S. inflation is very high, and the momentum in core inflation is particularly worrying for the Fed, which is a top priority.He expects the Fed to2023The federal funds rate will be raised to4.50%-4.75%。
Cleveland Fed President Mester said:The Fed’s top priority is to bring down the high inflation in the United States.And said it was pushing U.S. inflation down to2%Before, the Fed would not withdraw from its tightening policy.
A series of hawkish speeches by Fed officials have hit the stock market again, and the market is concerned about the US September non-farm payrolls data tonight. On Wednesday, ADP data, known as the “small non-agricultural industry,” showed that the job market for private companies remained strong in September, with 208,000 new jobs created by companies, exceeding Wall Street expectations.But Thursday’s higher-than-expected number of jobless claims suggested the labor market may be a little weaker.
If the non-farm payrolls data unexpectedly rises, it could spark fears that the Fed will take a more hawkish stance on inflation; and vice versa.