Major Wall Street initiatives launched today's trading in upbeat moods, however moods soured later in the session partially due to Fed's Jefferson latest comments.
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The Fed member said that he will be looking for signs that inflation is coming down, and if it is sluggish, or moves in the wrong direction, the US central bank will do more.
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Right now the labor market is 'very strong' with demand high
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Right now there is a lot of resolve at the Fed to do what it takes to bring inflation down
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"Under no illusion" that it will be easy to get inflation to 2%, it could take some time
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Current inflation may be more persistent than I thought, but we cannot react to one data point
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It is possible for inflation to fall without causing an unnecessary amount of disruption in the labor market.
US500 pulled back from session highs and is trading below the psychological 4000 pts mark. Source: xStation5
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