Fed's Barkin: Not a big time for offering forward guidance. Will respond to data.

Fed's Barkin speaking on Fox Business:

• Not a big time for offering forward guidance.
• Fed will respond to data.
• Overall core inflation numbers are coming down nicely, but I lot of that is for goods.
• Business contacts on the ground report they are still raising prices faster than before pandemic
• Continue to view inflation as a stubborn which feeds the higher for longer approach
• Skilled trades continue to see wage pressures
• Inflation does seem to be settling but the job is not done

Barkin pumps the brakes on too much optimism for Fed policy cuts, although he is encouraged by inflation moving lower.

Meanwhile, stock prices are trading near highs:

• Dow Industrial Average is up 125 points or 0.36% at 35073
• S&P index is trading up 20.92 points or 0.46% at 4534.95
• NASDAQ index is leading the way with a gain of 114.5 points or 0.82% at 14241