US stocks ended Friday's trading session in the red, as the benchmark 10-year Treasury yields hovered just below 5% in the wake of“The underlying message is 'don’t be looking for a bailout from the Fed anytime soon,'” Greg Whiteley, a portfolio manager at DoubleLine, told Reuters. "That gives people the go-ahead to take rates above 5%.”
How the Israel-Hamas conflict unfolds will also be top of mind for policymakers and investors. Market watchers will also continue tracking the surge in bond yields as they hover just under 5%.Fed Chair Jerome Powell said in a speech Thursday that the central bank is monitoring the developments for economic implications."Geopolitical tensions are highly elevated and pose important risks to global economic activity," he said.
The turmoil could continue to push oil prices higher, injecting even more volatility into an energy market that has been at the forefront of the debate surrounding inflation. Higher prices would further complicate the Fed's mission to bring down inflation. And similar to the Russian invasion of Ukraine, dealing with the potential of a Middle East energy shock would fall outside of the control of the central bank, even as the Fed would have to contend with the fallout.
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