Futures mixed after Powell's hawkish tone; more data awaited
Wall Street futures were mixed on Friday after Federal Reserve Chair Jerome Powell's hawkish tone dampened hopes of an end to rate hikes, with investors now looking forward to next week's economic reports for more cues on the monetary policy path.
Powell on Thursday said central bank officials "are not confident" that interest rates are yet high enough to finish the battle with inflation and would not hesitate to tighten policy further if needed.
The hawkish comments sent U.S. Treasury yields surging and ended a strong run of gains on Wall Street which had been driven by expectations that the Fed was done with its hiking cycle after the central bank kept rates unchanged at its last meeting.
The S&P 500 and the Nasdaq snapped their longest winning streak in two years in the previous session.