NEW YORK — U.S. stocks are climbing closer to their records Friday after the head of the Federal Reserve finally said out loud what Wall Street has been expecting for a while: Cuts to interest rates are coming soon to help the economy.
While careful to say the task is not complete, Powell used the past tense to describe many of the conditions that sent inflation soaring after the pandemic, including a job market that “is no longer overheated.” That means the Fed can pay more attention to the other of its twin jobs: to protect the job market and to keep humming an economy that has so far defied many predictions for a recession.
Treasury yields had already pulled back sharply in the bond market since April on expectations the Federal Reserve’s next move would be to cut its main interest rate for the first time since 2020. The only questions were by how much the Fed would cut and how quickly it would move. In the meantime, stronger-than-expected profit reports from a range of companies are helping to support the market.
They helped offset a 9.8% tumble for Red Robin Gourmet Burgers, which reported a worse loss for the latest quarter than expected. It also lowered the top end of its forecasted range for revenue this year amid what it called a slowdown across the restaurant industry.
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