Waller Comments Boost Wall Street, Traders Reassess Rate Hike Odds

Wall Street's main indexes rose on Thursday after Federal Reserve Governor Christopher Waller said he could support holding interest rates steady this month if data confirms that price pressures are cooling off.

This comment prompted traders to lower their bets on a rate hike, which had been expected by nearly 50 percent, according to the CME FedWatch tool.

However, borrowing costs may need to rise if inflation data shows that price pressures persist, Waller cautioned. He noted that even with improved domestic inflation data, a sustained rise in oil prices could keep inflation concerns alive and make it harder for the Fed to remain on the sidelines.