Wall Street dips after rate cut rally, dollar firms
Wall St finishes week higher, near record highs
Fed governors offer opposite views on inflation
Dollar regains strength, governor comments weigh
Yen eases after Bank of Japan stands pat
Updates prices at 3.09 pm ET
By Isla Binnie and Sruthi Shankar
NEW YORK, Sept 20 (Reuters) - WallStreet closed flat on Friday, hovering near the previous session's record-high close for the Dow and S&P 500, whilethe dollar firmed as investors digestedthe Federal Reserve's 50-basis-point cut midweek that starteda rate reducing cycle.
Days after the rate cut, two Fed governorsaired opposing views over prospects for inflation, underlining the scale of debate over a moveChair Jerome Powell positioned as safeguarding a resilient economy rather than an emergency response to weaker jobs data.
All three major U.S. stock indexes ended the week higher, not far off all-time peakshit on Thursday as buyers piled in to riskier assets.
Markets are fully pricing in a cut of at least 25 bps in November, with expectations for a cut of 50 bps given a 48.9% chance, according to CME's FedWatch Tool.
The 50 bps rate cut has made investors think about "risks below the surface they do not know about" and want to position for "risks of the unknown", said Michael Matousek, head trader at U.S. Global Investors.
"The other question is if the soft landing is going to work, so that might be wearing on investors a little bit, raising some concerns," he added, referring to the ideal economic scenario where inflation cools without triggering a recession.
The Dow Jones Industrial Average .DJI closed up0.09%, to 42,063.36, the S&P 500 .SPX ended down 0.19%, to 5,702.55 and the Nasdaq Composite .IXIC rounded out the week 0.36% lower, at 17,948.32.
The Dow's gains were powered byNike NKE.N, whose shares climbedafter saying former senior executive Elliott Hill will rejoin the company to succeed John Donahoe as CEO.
The MSCI index of world stocks .MIWD00000PUS drooped 0.21%, to 837.69 after jumping on Thursday to a recordhigh.
Utilities outperformed, with the .SPLRCU boostedby Constellation Energy CEG.O whose stock soared more than 20% on news of a deal with Microsoft MSFT.O to reopen part of a mothballed nuclear plant to power artificial intelligence projects.
U.S. OUTLOOK ECHOES ABROAD
Rounding off a busy week for monetary policy, the Bank of Japan left rates unchanged. Markets had been expecting rates to remain steady, but Governor Kazuo Ueda tempered expectations around imminent rate hikes.
The U.S. economic outlook also rippled into the Bank of Japan's meeting. Ueda said uncertainty around the world's largest economy and market volatility could impact its policy moves.
The yen eased after the meeting and was last seen JPY= 0.94% weaker against the greenback to 143.97 per dollar. FRX/ The dollar climbed to a two-week high against the yen after Ueda's remarks.
The dollar gained ground aftersuffering losses earlier in the week. The index =USD, which measures the greenback against a basket of currencies, was up 0.12% to 100.79.
European stocks .STOXX had fallen earlier from two-week highs, with automakers leading the slide after Mercedes-Benz MBGn.DE cut a profit margin target, citing weakness in China. .EU
In China, the central bank kept its benchmark lending rates on hold, countering expectations for a move lower.Chinese blue chips .CSI300 edged up 0.2% but remained close to a seven-month low touched earlier in the week.
Downbeat data in recent days has raised hopes of aggressive stimulus to prop up the world's second largest economy.
Sterling GBP= initially weakenedafter the Bank of England held rates steady on Thursday before turning around and strengthening 0.23% to $1.3314. Data on Friday showed British retail sales rose by a more than expected in August.
Commodities also held on to their weekly gains. Gold XAU= touched a record high at $2,614 an ounce.
Two major oil benchmarks ended lower on the day,but more than 4% higher on the week.
Brent futures LCOc1 settled down 0.52%, at $74.49 a barrel. U.S. WTI crude futures CLc1 settled down 0.4%, to $71.92.O/R
Asia stock markets https://tmsnrt.rs/2zpUAr4
Asia-Pacific valuations https://tmsnrt.rs/2Dr2BQA
Reporting by Stella Qiu and Sruthi Shankar; Editing by Sam Holmes, Gareth Jones, Alex Richards, David Evans and David Gregorio
To read Reuters Markets and Finance news, click on https://www.reuters.com/finance/markets For the state of play of Asian stock markets please click on: 0#.INDEXA
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