NEW YORK —
He suggested if higher inflation does persist, the Fed will hold rates steady “for as long as needed." But he also acknowledged the Fed could cut rates if the job market unexpectedly weakens. Traders are mostly betting on the Fed delivering just one or two cuts this year after coming into 2024 expecting. They're now also betting on a 14% probability that zero cuts will arrive, up from just 1% a month ago, according to data from CME Group.
Northern Trust slumped 4.7% after the financial services company reported weaker earnings for the start of the year than analysts expected. Johnson & Johnson sank 2% despite topping profit forecasts. Its revenue came in a whisper below expectations.
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