Fed Put Jolts Stocks To New Record High

The S&P 500 jumped to a new record high of 5509 today on better-than-expected Tesla vehicle deliveries. In addition, today’s JOLTS report showed more job openings. Nevertheless, two Fed officials suggested today that the Fed Put is back because they are worried that the Fed might cause job losses if monetary policy stays too tight for too long. Their dovish comments reinforced expectations that the Fed will cut the federal funds rate by 25bps at least once and maybe twice over the remainder of this year (chart).

Here's more on today's economic developments: