U.S. Markets close in 1 hr 7 mins

Backtracking Fed Puts an End to Market Celebration

The market's celebration of a dovish Fed on Thursday came to a quick end Friday as the Fed backtracked on comments made by New York Fed President John Williams. Williams had hinted at the potential for a half-point cut at the Fed meeting later this month and the market quickly embraced the idea. The Fed then made a special announcement to clarify Williams remarks and essentially confirmed that a quarter-point hike was the most likely outcome at the meeting on July 31.