Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (+0.2%), and DJIA (flat) have steadily improved from a morning slump, now sitting at their best levels of the session since shortly after the open. 

Fed Vice Chair for Supervision Michelle Bowman (FOMC voting member) gave a speech that offered some rebuttal to recent Fed commentary. Ms. Bowman said, "We should remain ready to adjust policy to bring it closer to neutral. We should also avoid signaling that we will pause without identifying that conditions have changed." While Ms. Bowman's commentary offers a contrast to other FOMC members who have called for keeping rates unchanged, the market's expected timeline of easing from the Fed has not changed any today. 

What has changed, however, is the market's expectations of who will be the next person at the helm of the Fed.  CNBC reported that President Trump said of National Economic Council Director Kevin Hassett, "I actually want to keep you where you are, if you want to know the truth," while praising the job Mr. Hassett has done. In response, prediction markets now mark former Fed Governor Kevin Warsh as the clear frontrunner for the next Fed Chair nomination.