“I don’t think the Fed will cut within this year,” Jun Bei Liu, portfolio manager at Tribeca Investment Partners, said on Bloomberg Television. “The Fed was behind the curve in terms of putting up their interest rate and they certainly are going to be very slow in cutting the interest rate.”
Fed Bank of New York president John Williams said prior Fed indications that would see rates rise to 5.1% remain accurate. Treasury 10-year notes held the gains from a rally on Wednesday in the wake of a strong auction. Australian and New Zealand government bonds were largely unchanged. The index of the dollar and the yen were flat.
A 7.7% drop for Alphabet shares amplified the hit to tech stocks as investors showed concern that its new artificial intelligence chatbot Bard may yield inaccurate responses.
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