Warsh Warns of Rate Hike Amid Inflation Concerns
Wall Street ended the week on a mixed note after new Federal Reserve head Kevin Warsh echoed his predecessor's position on inflation. Speaking at the Fed's annual Jackson Hole economic symposium in Wyoming, Warsh said that underlying inflation must move to the central bank's objective 'clearly and at sufficient speed' or else it has work to do.
The Standard and Poor's 500 fell 19.23 points, or 0.25 percent, to close at 7,711.76 on Friday. Trading volume reached 2.584 billion shares as the benchmark index traded between a low of 7,700.91 and a high of 7,771.48 during the session.
The Dow Jones Industrial Average slipped 9.45 points, or just 0.02 percent, closing at 53,559.99. The blue-chip index traded in a narrow range on volume of 506.696 million shares.