Fed's Logan said modest action now would reduce the likelihood that stronger action will be needed later.

Just after 10 a.m. local Friday, FOX 5/KUSI reported heavy smoke near Marine Corps Air Station Miramar in California. Marine officials said emergency crews are responding to an F-35 aircraft incident on the flight line. The jet is assigned to the 3rd Marine Aircraft Wing’s Marine Aircraft Group 11. Fire was reported east of the runway near Kearny Villa Road and Johnson Road; news helicopter footage showed heavy smoke and what appeared to be a burned aircraft.

UBS raises its price target on Amazon (AMZN.O) to $318 from $305.