Wall Street muted as investors look to Fed after stocks recovery

FILE PHOTO: Traders work on the floor at the New York Stock Exchange in New York City, U.S., July 3, 2024. REUTERS/Brendan McDermid/File Photo

Fed Chair Jerome Powell is expected to further cement the view that the central bank is about to start loosening credit conditions after taming the worst outbreak of inflation in 40 years when he speaks on Friday at the Fed's Jackson Hole conference in Wyoming. The MSCI All Country index for global stocks gained 0.27 per cent, standing near its mid-July record high and up 13.5 per cent for the year.

Those worries have given way to bets on a soft landing cushioned by cuts in U.S. borrowing costs expected to start in September. U.S. Treasury yields drifted lower. The yield on benchmark 10-year notes fell 3.4 basis points to 3.784 per cent, from 3.818 per cent late on Tuesday. The 2-year note yield, which typically moves in step with interest rate expectations, fell 7.2 basis points to 3.9284 per cent.

Japan's Nikkei fell 0.3 per cent as a recovery from its collapse in early August runs into resistance around the 38,000 level.

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