• Dec 06, 2024

Fed's Goolsbee hopes neutral can be in sight by late next year

Chicago Federal Reserve president Austan Goolsbee said that economic conditions will determine how fast the Federal Reserve cuts rates from here, but added he hopes the Fed will be homing in on a stopping point by the end of next year. "I'm hopeful that conditions continue to evolve such that we can get in close to the range" where monetary policy is having a neutral impact on the economy, Goolsbee said in comments to reporters. While he would not specify his estimate of neutral, he said that a level around 3%, well below the current 4.5% to 4.75% rate and roughly the median that Fed officials projected as a stopping point at their September meeting, "doesn't seem crazy to me."

  • Dec 06, 2024

Inflation report poses test for stocks rally as Fed meeting looms

An inflation report in the coming week will test the strength of the record-setting U.S. stocks rally and provide a crucial piece of data that could factor into the Federal Reserve's plans for rate cuts. The rosy backdrop for stocks is underscored by expectations of further Fed interest rate cuts at the same time the economy remains resilient. However, data on consumer prices due on Wednesday could threaten the upbeat narrative if inflation rates are above expectations, posing a challenge for high-flying stocks.

  • Dec 06, 2024

US job market bounces back from impact of strikes, hurricanes

WASHINGTON (Reuters) -U.S. job growth surged in November after being severely hindered by hurricanes and strikes, but a rise in the unemployment rate to 4.2% pointed to an easing labor market that should allow the Federal Reserve to cut interest rates again this month. The labor market's resilience is driving the economy through strong consumer spending, with the closely watched employment report from the Labor Department on Friday showing solid wage growth last month. "The report should soothe bears and bulls alike," said Scott Anderson, chief U.S. economist at BMO Capital Markets.

  • Dec 06, 2024

Why Is BioNTech Stock Trading Higher On Friday?

On Thursday, Duality Biologics revealed the first data from a global Phase 1/2a trial of BNT324/DB-1311, which it co-developed with BioNTech SE (NASDAQ:BNTX). The data were presented in an oral session at the 2024 European Society of Medical Oncology Asia Annual Meeting in Singapore and showed encouraging antitumor activity alongside a manageable safety profile in heavily pretreated patients with locally advanced or metastatic solid tumors. The ongoing Phase 1/2a trial analysis included 277 part

  • Dec 06, 2024

Why Genesco Stock Is Trading Higher On Friday

Genesco Inc. (NYSE:GCO) shares are trading higher on Friday after the company reported third-quarter financial results. It clocked an adjusted earnings per share of 61 cents, beating the street view of 29 cents. Quarterly revenues of $596.328 million (+3%) beat the analyst consensus estimate of $577.93 million. Comparable sales rose 6%, with e-commerce sales up 15% and store sales increasing 4%. E-commerce accounted for 24% of retail sales. “This result was driven by the initial phase of Journey