The S&P 500 and the tech-heavy Nasdaq 100 jumped after wavering earlier in the session. The policy-sensitive two-year Treasury yield hovered around 4.17%. The dollar slipped for a second day.
“The whole concept that the Fed is going to pivot to us is way overdone,” said David Spika, president and chief investment officer of GuideStone Capital Management. “The bottom line is that inflation is still running over 7%, the Fed is going to have to continue to raise interest rates — Jerome Powell is going to make that very clear today.”
“Markets are priced to a dovish outcome,” he said. “Anything short of it could still end up viewed as disappointing.”in November, raising the possibility that the worst of the cost-of-living squeeze is over.
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