The Latest Breaking News from James Bullard

The major indexes made modest moves today as investors kept a cautious eye on debt ceiling discussions.

June S&P 500 futures (ESM23) are down -0.46%, and June Nasdaq 100 E-Mini futures (NQM23) are down -0.76% this morning after three major U.S. benchmark indices struggled for direction on Tuesday as investors weighed the latest batch of earnings reports and comments from two Federal Reserve officials.

Federal Reserve Bank of New York President John Williams said it’s critical the U.S. central bank remain committed to its 2% inflation goal, and emphasized monetary policy must bring supply and demand into better balance to lower inflation.

“If inflation doesn’t start to come down, you risk this replay of the 1970s... Let’s be sharp now, let’s get inflation under control,” St. Louis Fed President James Bullard told CNBC Wednesday.

After a week filled with surprising economic data and earnings reports, Wall Street is getting ready to shut down for a three-day weekend since the market is closed on Monday, Feb. 20. Watch TheStreet Today live at 10:30 am Eastern.

Futures signaled further losses on hot inflation data and hawkish Fed comments, with the 10-year Treasury yield approaching 4%.

The Dow Jones fell after cooling inflation data. The St. Louis Fed's Bullard calls for a target rate of 5.25%-5.5% by year's end. SLB and NFLX are on tap.

Tepid inflation and other economic data sent the stock market higher Wednesday morning but the S&P 500 reversed at resistance.

The stock market couldn't claw back from losses triggered by strong jobs numbers.