Stocks Trade Lower as Investors Dodge Higher US Yields

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Stocks,Investors,US Yields

While operating in a macro news vacuum, stocks traded lower as investors were left dodging higher US yields after a rough long bond sale and a rare rally pushback from Chair Powell.

MARKETS In an unusual pushback, not only suggesting he means business but obviously not pleased with the recent easing in financial conditions, Federal Reserve Chair Jerome Powell is leaving the door open for additional interest rate hikes to combat inflation, as stated in prepared remarks on Thursday. Powell remarked, We know that ongoing progress toward our 2% goal is not assured: Inflation has given us a few head fakes.

This week's refunding supply is the only fundamental input for bonds after the best weekly rally since SVB. Sadly, it was an unfortunate result for bond and stock market investors. Recall that a poor 30-year sale on October 12 derailed the long-end’s last attempt to find its footing. Thursday felt like déjà vu all over again.

 

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