Wall St gains as services sector data eases fears of hawkish Fed stance
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Wall Street's main indexes advanced on Wednesday after softer-than-expected services sector data offered relief to investors worried about the Federal Reserve taking a cautious approach to monetary easing due to resilience in the US economy. A survey from the Institute for Supply Management (ISM) showed US services industry growth slowed further in March, while a measure of input prices paid by businesses dropped to a four-year low, which bodes well for the inflation outlook. Fed Chair Jerome Powell reiterated that the US central bank has time to deliberate over its first interest rate cut, widely expected in June, given the strength of the economy and recent high inflation readings. Atlanta Fed President Raphael Bostic said the Fed should not cut its benchmark interest rate until the end of this year, as he maintained his view that the US central bank should reduce borrowing costs only once over the course of 2024.

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