Wall Street Today | Fed's Bostic Favors Slower Pace of Rate Hikes Ending Near 5%

"If the economy proceeds as I expect, I believe that 75 to 100 basis points of additional tightening will be warranted," Federal Reserve Bank of Atlanta President Raphael Bostic said in prepared remarks for a speech in Fort Lauderdale, Florida, on Saturday. "It's clear that more is needed, and I believe this level of the policy rate will be sufficient to rein in inflation over a reasonable time horizon."

Bostic's plan would shift away from 75 basis-point hikes and continue to raise rates to as much as 4.75%-5% over the next several meetings, which he described as a "moderately restrictive landing rate."

Over 40 countries including Germany, the UK and New Zealand have asked the United Nations body that sets aviation standards to help make single-pilot flights a safe reality. The European Union Aviation Safety Agency has also been working with planemakers to determine how solo flights would operate and preparing rules to oversee them. EASA said such services could start in 2027.

The plan doesn't sit well with pilots. It's a hard sell for passengers, too. "The people going down this route aren’t the people who fly jets every day,”Tony Lucas, an Airbus SE A330 captain for Qantas Airways Ltd. and president of the Australian & International Pilots Association said“When things go awry, they go awry fairly quickly.”

Despite large-scale tech layoffs, the broader labor pool is not in true danger yet, given that staffing levels remained below pre-pandemic levels for some time, a Morgan Stanley research note said. Even with a growth slowdown, the number of tech layoffs is minute compared with the larger employment pool, the research report stated.