Stock Market Update

The S&P 500 futures currently trade 28 points below fair value. 

Fed Governor Christopher Waller (voting FOMC member) gave a speech on monetary policy this morning, in which he said recent data were encouraging but not definitive, as one solid month for jobs isn’t enough to confirm a labor market turnaround after what was an exceptionally weak 2025 for job creation.

Policymakers will be watching upcoming employment and inflation reports ahead of the March FOMC meeting, with improving labor conditions and further progress toward 2% inflation potentially supporting a pause, while renewed weakness could strengthen the case for another rate cut.