5 Apr 2024

Some hawkish comments by fed officials seemed to be behind yesterday sell-off in stocks.

Among the comments: *BARR: BANKS' OFFICE COMMERCIAL REAL-ESTATE ISSUES TO TAKE TIME *KUGLER: `SOME LOWERING' OF RATES THIS YEAR LIKELY APPROPRIATE *FED'S HARKER SAYS INFLATION IS STILL TOO HIGH *BARKIN: FED HAS TIME TO GAIN MORE CLARITY BEFORE LOWERING RATES *GOOLSBEE: WORTH STAYING ATTUNED TO DETERIORATION IN JOBS MARKET *MESTER: NEED MORE PROGRESS ON HOUSING, CORE SERVICES INFLATION But the key market driver (to the downside) was Kashkari - President and CEO of the Federal Reserve Bank of Minneapolis - who hinted at the potential of NO RATE-CUTS. *KASHKARI: QUESTION OF WHY CUT RATES IF ECONOMY REMAINS STRONG “In March I had jotted down two rate cuts this year if inflation continues to fall back towards our 2% target,” Kashkari said in a virtual event with LinkedIn on Thursday. “If we continue to see inflation moving sideways, then that would make me question whether we needed to do those rate cuts at all.” His comments seemed to trigger a wave of selling in stocks.


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