Stocks on Wall Street rallied and the dollar rose on Friday, as bond prices fell, after another blowout U.S. jobs report suggested the Federal Reserve may delay cutting interest rates while it awaits further inflation data.
Item 1 of 3 The Wall Street entrance to the New York Stock Exchange is seen in New York City, U.S., November 15, 2022. REUTERS/Brendan McDermid/File PhotoThe Wall Street entrance to the New York Stock Exchange is seen in New York City, U.S., November 15, 2022. REUTERS/Brendan McDermid/File PhotoAll major S&P 500 sectors advance in broad equity rallyNEW YORK, April 5 -
"It might be two, it's too early to tell," he said. "If the economy is running the way it's running now through most of this year, then it might be likely that the Fed does not cut interest rates this year." Small business surveys show demand for workers is headed lower and wages are just above the run rate of the Fed's 2% inflation target, said Roosevelt Bowman, senior investment strategist at Bernstein Private Wealth Management in New York.
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