It’s above 5.25%, up from nearly zero early last year. Traders widely expect the Federal Reserve to hold its key interest rate steady at its next meeting next week, before potentially cutting rates in March, according to data from CME Group.įed officials have recently hinted that the federal funds rate may indeed already be at its peak. It fell from 4.61% just before the reports’ release to 4.57% and then yo-yoed before easing back to 4.55%. The yield on the two-year Treasury, which more closely tracks expectations for the Fed, went on a jagged run following the economic reports. It had been above 5% and at its highest level in more than a decade during October. The yield on the 10-year Treasury fell to 4.17% from 4.26% late Monday, offering more breathing space for stocks and other markets. In the bond market, Treasury yields continued to sag further from the heights they reached during late October. Strength there has been offsetting weakness in manufacturing. services industries expanded for the 41st time in the last 42 months, with growth reported by everything from agriculture to wholesale trade. Tuesday’s report showed that employers advertised just 8.7 million jobs on the last day of October, down by 617,000 from a month earlier and the lowest level since 2021.Ī separate report said that activity for U.S. That could help the economy avoid a recession and give a boost to all kinds of investment prices. With inflation down from its peak two summers ago, Wall Street is hopeful the Federal Reserve may finally be done with its market-shaking hikes to interest rates and could soon turn to cutting rates. But gains of more than 2% for Apple and Nvidia, two of the market’s most influential stocks, helped to blunt the losses. On Wall Street, Ke圜orp fell 3.7% and led a slump for bank stocks after it cut its forecast for income from fees and other non-interest income. ![]() economy can pull off a perfect landing where it snuffs out high inflation but avoids a recession. That kept alive questions about whether the U.S. stocks and Treasury yields wavered after reports showed that employers advertised far fewer job openings at the end of October than expected, while growth for services businesses accelerated more last month than expected.
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