S&P 500 in line to decline at the opening bell after Federal Reserve pushed against market hopes for rate cuts later in 2023, and the IMF backed it up.
U.S. stock futures dipped Thursday as the prospect of the Federal Reserve keeping interest rates higher for longer smothered any of investors’ bullish impulses.
What’s driving markets Equity futures were softer and government bond yields firmer as investors absorbed fresh hawkish rhetoric from the Federal Reserve and International Monetary Fund. Its stance was supported by Gita Gopinath, the IMF’s second-in-command, who told the Financial Times that U.S. inflation had “not turned the corner yet” and the Fed was right to “stay the course.”
“Yes, there are some data pointing at slowing economic activity in the U.S., but the jobs market – which is closely watched by the Fed – remains surprisingly tight – while the Fed keeps saying that bringing inflation back to the 2% target requires some ‘softening’ in the jobs market,” she added.
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