Happy Masks’ face coverings for kids are a back-to-school sensation amid heightened COVID-19 anxiety — but good luck buying one.
Treasury yields were lower, but only after some swings. After sitting at 1.35% shortly before Powell’s speech, the yield on the 10-year Treasury sank as Powell cited the past premature moves by policymakers on worries about short-term bursts in inflation, saying “such a mistake could be particularly harmful” now.
Powell also said that the coronavirus’ Delta variant is complicating things, though he still expects improvements to continue. The report also showed that a gauge of year-over-year inflation preferred by the Fed held steady at 3.6% in July, slightly higher than economists expected.The next date circled on investors’ calendars is in a week, when the government reports how many people businesses hired in August. A strong report could give the Fed even more leeway to begin slowing its bond purchases.
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