The major US stock indices ran out of steam today. The indices have been overbought given the recent run higher and it seemed it was simply time to move lower. He commented that the could support a future adjustment to the Fed’s inflation target, suggesting a range of 1.75% to 2.25% down the road. He emphasized that he remains worried about inflation even as discussions about the Fed’s policy framework continue. Versus the USD, the major currencies showed the following changes vs the USD:EUR +0.10%JPY +0.03%GBP +0.08%CHF +0.11%CAD -0.10%AUD -0.02%NZD -0.14%IN other markets: