"Wall St Soars on Dovish Fed Comments, Fueling Rate Cut Hopes"

Wall Street's main indexes reversed course and gained after dovish comments from Federal Reserve officials raised hopes of a potential rate cut next year. Board Governor Christopher Waller hinted at lower interest rates if inflation continued to ease, while Chicago Fed President Austan Goolsbee said overall inflation was coming down at a pace not seen since the 1950s. The comments boosted expectations of a rate cut in May 2024. The S&P 500 is nearing its 2023 intra-day high. However, Board Governor Michelle Bowman indicated that the central bank may need to raise borrowing costs to bring inflation down to its 2% target.