Fed Rate Hikes Hit Soft Landing as Jobs Beat Expectations, Stoking Optimism for Growth
• Federal Reserve Chair Jerome Powell "nailed the soft landing" after rapid rate hikes, with November jobs data beating expectations.
• Economist Ed Yardeni says the "gloom and doomers" were wrong to predict a recession, citing resilience in jobs and productivity.
• Yardeni sees S&P 500 potentially reaching 5,400 by end of 2024 and 6,000 by end of 2025 based on projected earnings growth.
• U.S. stock futures edged lower after best S&P finish in 20 months; 10-year Treasury yield rose ahead of auction.
• Media reports Investor group offers 32% premium for Macy's; Cigna abandons Humana pursuit, adding $10B to buybacks; Shari Redstone in talks to sell Paramount stake.