The president expects his next Fed chair to lower rates, but growing internal opposition shows the limits of a leadership change—and threatens to end decades of consensus.

By Stephen Culp NEW YORK (Reuters) -Wall Street stocks closed sharply higher on Friday as rising expectations of a December interest rate cut by the Federal Reserve offset concerns over lofty tech valuations.

Federal Reserve Bank of New York President John Williams said he sees room for the US central bank to cut interest rates again in the near term as the labor market softens.

The Federal Reserve won’t see critical information on U.S. inflation or job creation before its next pivotal meeting in December to decide whether to cut interest rates for the third month in a row.

By Pablo Sinha (Reuters) -Gold prices held steady on Friday, after falling over 1% earlier in the session, as traders boosted bets on a December U.S. interest rate cut following dovish Fed comments. Spot gold was steady at $4,

Dallas Fed President Lorie Logan called for the Federal Reserve to pause further rate cuts until the central bank has more evidence to justify such a move, she said on Friday. Even in September, she wasn't sure there was room to cut rates more than once or twice and still keep monetary policy at a restrictive stance.