Cryptocurrencies dipped and equities traded sideways Friday after conflicting statements from the Federal Reserve confused traders about what comes next.

New York Federal Reserve President John Williams on Friday presented a different narrative from the one investors ran with on Wednesday. Williams pushed back on the notion that rate cuts are imminent, an expectation the market has been riding since Fed Chairman Jerome Powell’s Wednesday press conference. 

“We aren’t really talking about rate cuts right now,” he said during a CNBC interview Friday morning. “It’s just premature to be even thinking about that.”

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