The Fed's favored inflation gauge highlights shortened trading week: What to know this week

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Federal Reserve News

Economic Growth,Earnings Growth,David Mericle

The Fed's preferred inflation gauge will test a stock market near record highs in a holiday-shortened trading week.

Stocks closed the week with mixed results as debate about when, or if, the Federal Reserve will cut interest rates continued to be top of mind for investors.After a quiet week on the economic data front, a key reading of the Fed's preferred inflation gauge is set to greet investors in the week ahead. A second update on economic growth in the first quarter and a reading on consumer confidence are also on the economic schedule.

With earnings season largely over, Truist co-chief investment officer Keith Lerner told Yahoo Finance the discussion around the Fed, inflation, and economic data will once again take center stage for markets in the near term.Federal Reserve Chair Jerome Powell holds a press conference following the central bank's two-day policy meeting in Washington, May 1, 2024.

And, importantly, strategists believe Nvidia's outsized impact on earnings will decline throughout the year, supporting a broadening of the stock market rally. Russia's economy is in trouble, no matter how much the government tries to distort the facts, two Yale researchers say.WASHINGTON — Donald Trump was booed repeatedly while addressing the Libertarian Party National Convention on Saturday night, with many in the crowd shouting insults and decrying him for things like his COVID-19 policies, running up towering federal deficits and lying about his political record.

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