Stocks Decline as Powell Offers No Rate Cut Clues; Trump on Ukraine

Market Reaction to Fed Policy

• 📉 Stocks declined from all-time highs as Fed Chair Jay Powell provided no hints about potential rate cuts at the October meeting.
• 📊 The S&P 500 lost 37 points, the Nasdaq fell 216 points, and the Dow was down 89 points.
• 📈 The ten-year Treasury yield stood at 4.11%, and the two-year yield was at 3.59%.

Fed Officials' Views on Inflation and Rates

• ⚠️ Fed Chair Jay Powell acknowledged a challenging situation in balancing inflation and labor market risks, noting tariffs have had a lesser impact than expected.
• 💡 Fed Governor Michelle Bowman suggested policymakers are falling behind the curve and need to act decisively to bring down interest rates due to deteriorating labor market conditions.
• ⚖️ Chicago Fed President Austan Goolsbee advised caution towards future cuts, advocating for a gradual pace and carefulness to avoid being too aggressive.
• 📈 Atlanta Fed President Raphael Bostic anticipates more inflation and emphasizes the need to monitor inflation trajectories over the next 6-12 months.

Trump's Comments on Ukraine and International Relations

• 🇺🇳 Former President Trump, speaking at the U.N. General Assembly, stated he believed Ukraine, with EU support, is in a position to win and reclaim all its territory.
• 🤝 Trump also mentioned agreeing to meet with Brazil's President Lula after an impromptu encounter at the U.N.

Legal and Media News

• ⚖️ A man accused of attempting to assassinate Donald Trump last year was found guilty on all counts.
• 🎤 Jimmy Kimmel Live is set to return to air, with Disney's Hulu streaming service offering the show, while some network affiliates may preempt it.
• 💰 Disney is increasing the price of its Disney Plus subscriptions, with the standalone price set to jump to $13.99.