FILE - A person looks at an electronic stock board showing Japan’s stock princes at a securities firm Tuesday, April 2, 2024, in Tokyo. Asian shares mostly declined Friday, April 5, after a U.S. Federal Reserve official said the central bank might not deliver any of the interest rate cuts that Wall Street has been banking on this year, citing concerns about inflation. FILE - The New York Stock Exchange is shown on March. 21, 2024.
On Wall Street, the S&P 500 dropped 1.2% for its worst day in seven weeks. Earlier in the day, a gain of nearly 1% had brought it to the cusp of its record set last week. Stocks slumped after Minneapolis Fed President Neel Kashkari said he’s questioning the need to cut rates, as many areas of the economy look to be solid despite high interest rates.
Traders had already drastically scaled back their predictions for how many cuts to interest rates the Federal Reserve would deliver this year, down from six at the start of the year to three more recently. That had them in line with Fed officials generally. In the bond market, the yield on the 10-year Treasury fell to 4.30% from 4.35% late Wednesday. The two-year yield, which moves more on expectations for the Fed, slumped to 4.64% from 4.67% late Wednesday.
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