The S&P 500 scaled another record high early on Friday, extending weekly gains as earnings optimism continued to buoy investor sentiment.

“With inflation near target and the upside risks to inflation limited, we should not wait until the labor market deteriorates before we cut the policy rate,” he said. “I believe it makes sense to cut the (Fed’s) policy rate by 25 basis points two weeks from now.” (Twenty-five basis points equals one quarter of an interest rate point.)

US President Donald Trump today blamed US Federal Reserve officials as he reiterated his criticisms of Fed Chair Jerome Powell and again called for lower interest rates.

Fed Governor Waller discusses balance sheet challenges, QT into 2029, and risks to Fed independence. Read the implications for markets if Powell leaves the Fed.