One Fed official may have saved market from another rout. Why John Williams’ remarks matter so much

Key Points

Messages that come out of the top echelon at the Fed are measured carefully, calibrated between delivering clear ideas about policy without causing undue reaction in financial markets.
That’s why a speech Friday from the current New York Fed leader, John Williams, mattered so much to markets.
Ongoing concerns about AI tempered a stock market rally, but traders flipped positions, placing bets on a December rate cut.

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