The Dow Jones Industrial Average (^DJI) crossed above 40,000, a record-high for the market index, on Thursday morning. Markets (^IXIC, ^GSPC) may be encouraged by Wednesday's cooler-than-expected Consumer Price Index (CPI) inflation print for April, but is the Federal Reserve fully on board with the idea of interest rate cuts?

New York Fed President John Williams believes inflation could fall below 3% by the end of the year, amidst comments from other Fed officials that say April's CPI is not enough to green light rate cuts

Catalysts Hosts Seana Smith and Madison Mills sparse through this week's Fed commentary as markets rally to new highs.

For more expert insight and the latest market action, click here to watch this full episode of Catalysts.

This post was written by Luke Carberry Mogan.