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SPY

Federal Reserve Governor Christopher Waller commented that a 4% wage growth is slightly elevated but not excessively so. His remarks suggest a cautious approach to wage growth, which is a key factor in the Fed's considerations on inflation and monetary policy. Waller's statement may indicate the Fed's ongoing commitment to monitoring wage trends without immediate aggressive policy changes.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 4:44 pm

SPY

Fed's Waller suggests that shipping does not need to pass through the Red Sea, implying that while there may be one-time cost impacts, this should not affect underlying inflation.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 4:39 pm

HALO

RHHBY

The European Commission has approved Roche Holdings AG's Tecentriq SC, a subcutaneous injection version of its cancer drug Tecentriq, marking it as the EU's first PD-(L)1 cancer immunotherapy for under the skin injection. Tecentriq SC, which uses Halozyme Therapeutics Inc's Enhanze technology, offers a shorter treatment time compared to the IV infusion method. The approval is based on the IMscin001 study results, and the drug is expected to provide more flexibility for patients and help alleviate healthcare system constraints. Halozyme's shares rose 4.10% on the news.

Portfolio Pulse from Vandana Singh

January 16, 2024 | 4:38 pm

SPY

Fed's Waller suggests the endpoint for reserves to be around 10%-11% of GDP, indicating a potential slowdown in the pace of tapering the balance sheet later this year. He also sees no reason for the Overnight Reverse Repurchase Agreement (RRP) facility to hold funds.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 4:29 pm

SPY

Fed's Waller states that the robust economy provides the Federal Reserve with the flexibility to approach interest rate cuts methodically. The decision on the timing of these cuts will be determined by the Federal Open Market Committee (FOMC).

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 4:24 pm

MRK

RHHBY

The FDA has approved Merck & Co Inc's Keytruda for a third indication in cervical cancer, in combination with chemoradiotherapy for certain stages. The approval is based on the Phase 3 KEYNOTE-A18 trial, which showed a 41% reduction in the risk of disease progression or death. Keytruda now has 39 indications in the U.S. and is expected to generate nearly $25 billion in sales in 2023. Merck's stock (MRK) saw a slight increase of 0.01% to $118.64.

Portfolio Pulse from Vandana Singh

January 16, 2024 | 4:10 pm

SPY

Fed's Waller emphasizes the need for caution in policy setting to prevent over-tightening, noting that financial conditions are still restrictive.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 4:08 pm

SPY

Fed's Waller expressed that the Federal Reserve could cut policy rates in 2023 if inflation does not rebound or remain high. This aligns with projections by Fed policymakers anticipating three 25-basis point rate cuts in 2024.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 4:06 pm

SPY

Fed's Waller suggests that recent data may allow the Fed to consider a policy rate cut in 2024. He emphasizes that changes to the policy path should be 'carefully calibrated' and 'not rushed'. Waller expresses confidence that the Fed is close to achieving a sustainable 2% inflation rate.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 4:05 pm

BSX

ITGR

An unconfirmed note from Piper Sander suggests that Boston Scientific has received approval for an alternate supplier, Integer, for components used in its neuromodulation spinal cord stimulator and deep brain stimulation leads.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 4:03 pm