Bonds & Stocks
US stocks are poised for further gains to end a busy week that saw the first in a likely series of rapid interest-rate cuts, driving markets to new highs. The dollar rose for a third day. Futures for the S&P 500 and Nasdaq 100 rose 0.2% after both indexes closed at record highs, alongside the Dow Jones Industrial Average and the Russell 2000. The yield on 10-year Treasuries climbed two basis point to 4.13%.
Economy
Federal Reserve Bank of Minneapolis President Neel Kashkari said he supported the US central bank’s decision to lower interest rates this week and penciled in two additional cuts this year. “I believe the risk of a sharp increase in unemployment warrants the committee taking some action to support the labor market,” Kashkari said Friday in an essay published on his bank’s website.
World
The European Union proposed a complete ban on imports of Russian liquefied natural gas from Jan. 1, 2027, as part of its latest measures to curb President Vladimir Putin’s ability to wage Moscow’s war against Ukraine. The EU also proposed a full transaction ban on more Russian banks and financial institutions as well as trade restrictions on entities in China and India, which have enabled Moscow to get around the bloc’s sanctions.