Stock Market Update

[BRIEFING.COM] The major averages continue to oscillate around their unchanged levels, with the S&P 500 (-0.2%), Nasdaq Composite (-0.4%), and DJIA (-0.2%) currently trending lower. 

Headlines have been relatively quiet this morning, though the market has heard from several FOMC members. 

New York Fed President John Williams (voting FOMC member) echoed much of the optimistic commentary from last week's FOMC meeting in a speech this morning. Mr. Williams noted that he expects inflation to decrease and GDP to increase over the next year, remarking that "the economy is poised to return to solid growth and price stability."

Meanwhile, Fed Governor Stephen Miran (voting FOMC member) reiterated his stance that a quicker pace of policy easing is needed to move closer to a neutral stance. 

In other Fed news, NEC Director Kevin Hassett told CBS News that President Trump's voice "would have no weight" in rate decisions if he is nominated as the next Fed Chair. The commentary follows the critique that Mr. Hasset is too closely tied to the President to be an independent Fed Chair. 

While the market had seen Mr. Hassett as the frontrunner for some time, President Trump said on Friday that former Fed Governor Kevin Warsh now tops his list as the next Fed Chair candidate.