US stock market: Wall Street ends slightly higher after mixed Fed statements
Federal Reserve officials, with upbeat consumer data providing some lift.
All three major U.S. stock indexes lost momentum as the session progressed, but ended the range-bound session in the green.
«Even marathon runners have to pause, to take a breath and a drink of water.
That doesn't mean the race is over,» said Oliver Pursche, senior vice president at Wealthspire Advisors, in New York. «It's been a very strong November, and investors have every reason to be optimistic into year-end.»
Market participants are now scrutinizing remarks from monetary policymakers ahead of next month's meeting of the Federal Open Market Committee (FOMC).
Fed Governor Christopher Waller said on Tuesday he is «increasingly confident» that the current level of central bank's policy rate is sufficiently restrictive and even hinted at the possibility of rate cuts in the months ahead should inflation continue to fall closer to the Fed's 2% target.
Chicago Fed President Austan Goolsbee touted progress in bringing inflation down at a pace not seen since the 1950s.
On the other hand, remarks from Fed Governor Michelle Bowman suggested another rake hike could be necessary to rein in inflation in a timely manner.
«The (Fed's) mixed messaging is fairly normal and it occurs every time the Fed is near the end of a cycle, as certain members of the FOMC and certain Fed governors will feel more strongly than others that it's time to stop (tightening),» Pursche added.
Financial markets have priced in a near-certain 98.9% likelihood that the FOMC will let the Fed funds target rate stand at 5.25%-5.50% when it convenes next month, according to CME's FedWatch tool.
The crucial holiday shopping season has shifted into high gear, with survey data from
