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• US stocks show little direction, with the S&P 500 and Dow Jones hovering around the flatline, while the Nasdaq gains approximately 0.2%.
• NY Fed President John Williams states that the central bank is not currently discussing rate cuts, deeming it premature to consider a March interest rate cut.
• Earlier in the week, the Fed indicated the potential for 75 basis points in interest rate cuts next year, with many investors anticipating the first cut as early as March.
• The NY Empire State Manufacturing Index records an unexpected decline, while S&P Global PMIs continue to indicate a robust services sector but a weaker-than-expected manufacturing sector.
• Stocks remain at elevated levels, with the Dow Jones reaching record highs and both the S&P 500 and Nasdaq trading near levels not seen in nearly two years.
• Over the week, the S&P 500 and Nasdaq record nearly 2.5% gains, marking a seventh consecutive week of increases, while the Dow Jones adds 2.8%, marking a ninth consecutive gain.

Dollar Index:

• The dollar index approaches 102.5 after NY Fed President John Williams comments that the central bank is not currently discussing rate cuts and that it’s too early to consider a March interest rate cut.
• Expectations for a March rate cut decline from 75% to 65% following Williams’ remarks.
• Earlier in the week, the Fed signaled the possibility of 75 basis points in interest rate cuts next year, a faster pace than previously projected in September.
• Both the ECB and BOE maintain their policy rates but commit to keeping them at elevated levels to address inflation.
• The euro and British pound experience the most significant selling activity against the dollar over the week.
• Despite the recent gains, the dollar is down approximately 1.5% for the week.

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