Moments Ago
The S&P 500 is headed for the 5,575 level, Strategas’ Verrone says
The S&P 500’s could next find support at the 5,575 level, according to Strategas head of technical and macro research Chris Verrone.
“[it’s] not exactly advanced math, but simple breakout technique suggests roughly 5550-5600 as the next S&P target,” Verrone wrote in a Thursday note.
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The S&P 500 has climbed about 12% this year.
The S&P 500 has gained more than 2% over the past week and nearly 12% in 2024.
— Brian Evans
3 Mins Ago
U.S. may need unemployment to rise for ‘last mile’ of inflation fight, Bernanke paper says
New research authored by former Fed Chair Ben Bernanke and International Monetary Fund veteran Olivier Blanchard suggests that the United States and other countries may need unemployment to rise for inflation to fall back to normal levels.
The working paper, published by the Peterson Institute for International Economics, comes from a project in which 10 global central banks used a model developed by Bernanke and Blanchard to examine the pandemic-era inflation spike. The research showed that some period of higher unemployment and slower wage growth may be necessary to accomplish the “last mile” of reducing inflation.
“As the effects of relative price shocks and shortages stabilized or reversed, inflation declined, and the role of labor market tightness became increasingly important, suggesting that some slowing of activity might be necessary to get US inflation all the way back to target,” the paper’s abstract said.
The paper does say in its conclusion that “the unemployment costs of the last mile could be limited” in the United States.
— Jesse Pound
22 Mins Ago
Fed’s Barkin says inflation data progressing but still short of goal
Richmond Federal Reserve President Thomas Barkin said Thursday that he was encouraged by the consumer price index report the previous day but sees more work ahead to get back to the central bank’s goal of 2% inflation.
“On the inflation side, it certainly came off the numbers of the prior few months, which was good. It’s still not where…
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