Wall Street is heading into the close on Wednesday with two things on its mind: the Fed's favorite inflation gauge and Micron Technology. According to Bloomberg, US stocks paused ahead of both, with the inflation data key for interest rates and Micron's report key for the AI trade. Micron reports fiscal fourth-quarter results after the closing bell, and a big move in either direction could ripple into Asian chip stocks when markets open in the morning. The Numbers, Verified Across Sources What Micron guided (SEC filing): For the quarter ending in August, Micron told investors to expect revenue of $50 billion, give or take $1 billion, non-GAAP earnings of $31 per share, give or take $1, and a gross margin of about 86%. What analysts expect (Alphastreet, 33 analysts): Consensus sits at $31.56 per share on $51.20 billion in revenue, slightly above the top half of Micron's own guidance range. Estimates are wide, running from $28.04 to $37.44 per share for earnings and from...
Just over a week after the Federal Reserve raised interest rates for the first time since 2023, two senior Fed officials are already hinting the central bank isn't done tightening. What Was Said Philadelphia Fed President Anna Paulson said this week that the September rate hike which pushed the benchmark rate to a range of 3.75%-4.00% "brings policy closer to what I believe is needed to return inflation to 2%," adding that "some modest further tightening may be warranted" if conditions evolve as expected. New York Fed President John Williams echoed the sentiment, suggesting the Fed will likely need to raise rates again before the year is out. Why This Matters Markets had been hoping the September hike might be a one-and-done move. These comments suggest otherwise inflation, still running above the Fed's 2% target, remains the priority, even at the cost of higher borrowing costs across the economy. For anyone with a mortgage, credit card balance, busines...