Consumers' inflation expectations, by some measures, are also the highest in decades. Inflation has been above the Fed's 2% target for over four years, and the prospect of a dovish Fed under the stewardship of a new Trump-friendly Chair could keep it that way.

Wall Street appears calm after President Donald Trump walked back his earlier threats to fire Federal Reserve Chair Jerome Powell.

This past April, when President Donald Trump started flirting with the notion of firing Fed Chair Jerome Powell, stocks and the dollar tumbled because investors worried that even talking about such a move crossed a red line.

Top voices on Wall Street have expressed alarm over the idea that Trump could fire Fed Chair Jerome Powell, emphasizing the need for Fed independence.

PepsiCo jumped 7.5% after delivering revenue and profit that topped Wall Street’s expectations. The drink and snack giant also stood by its financial forecasts given in April, which projected lower full-year profit than previous forecasts due to increased costs from tariffs and a pullback in consumer spending.

By Stella Qiu SYDNEY (Reuters) -Asian shares tracked Wall Street higher on Friday as still-strong U.S. economic data and robust corporate earnings offset tariff worries, while the yen headed toward a second successive week of loss ahead of Japan's upper house election.

Many on Wall Street have privately worried that political pressure will undermine the Federal Reserve’s credibility.

Asian shares are mostly higher after Wall Street rose to records following better-than-expected updates on the economy and a mixed set of profit reports from big U.S. companies

Asian markets mostly rose, mirroring Wall Street's record highs fueled by strong economic data and earnings. Hong Kong and Shanghai saw gains, while T

The S&P 500 is on the cusp of a new record high following the central bank’s dovish forecast on interest rates. But some market watchers are questioning the durability of the rally.

The Nasdaq rose to a record high on Thursday, leading a cautious climb across Wall Street's major indexes, as strong economic data lifted spirits and airline stocks took off on United Airlines' results.