The S&P 500 jumped as much as 2.8% and the tech-heavy Nasdaq 100 rose as much as 3.9% before paring gains. Treasuries rallied, with the policy-sensitive two-year Treasury yield sinking more than 15 basis points after aposted the smallest monthly advanced in more than a year. The greenback halted a two-day rally.The Fed is largely expected to raise rates by half a percentage point Wednesday, slowing the pace of increases.
“While the war against inflation is turning, we are a long way off declaring victory and the Fed will keep its hawkish stance for a while longer, even if it does potentially force a recession,” said Richard Carter, head of fixed interest research at Quilter Cheviot.
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