- US stocks finished the day higher, while Treasury yields fell. At an event, Federal Reserve Chair Jerome Powell dismissed investor concerns about the outlook for interest rates.
- Nvidia, Meta, and Tesla led the Nasdaq 100 higher, shaking off a choppy morning session. Equities were also boosted by Ford and General Motors after the United Auto Workers was said to scale back wage increases for workers. One policymaker's dovish comments, combined with weak consumer spending data, fueled hopes for some easing of the Federal Reserve's messaging ahead of Powell's remarks.
- September is still shaping up to be the worst month in 2023 for the US stock benchmarks after the central bank left interest rates at the highest in 22 years at its last meeting. Even, if the US enters a recession it should be able to skirt a more severe downturn, according to Fed's Barkin.
- It’s still too early to know if another rate increase will be needed, Barkin told Bloomberg Television. Earlier, Fed’s Goolsbee said policymakers were at risk of overshooting on interest rates by putting too much emphasis on the idea that steep job losses are needed to quell inflation.
