NEW YORK - Global equity markets rose while U.S. Treasury yields fell on Friday as investors tempered their expectations of the scale of the Federal Reserve's interest rate raising cycle as falling oil prices helped to cool inflation.
Market sentiment has been buoyed by U.S. Labor Department data this week showing a slowdown in consumer and producer prices in July following a series of interest rate hikes by the Fed. "With inflation now backing off, all the managers who stayed in cash and didn't believe we could move off the June lows are now being forced back into the market," said Thomas Hayes, chairman at Great Hill Capital.STOXX 600U.S. Treasury yields were down as traders weighed a likely moderation of the Fed's monetary policy stance. Benchmark 10-year note yields dipped to 2.8385%, after reaching 2.902% on Thursday, the highest since July 22.
"With inflation coming down, consumer confidence is going to be coming back, and employment is still strong, you could see a situation where the market has stabilized and the economic numbers continue to slow based on the lag effect of the Fed tightening that has already happened," Hayes added. All three main Wall Street indexes ended higher, making it the fourth straight week of gains, driven by stocks in technology, healthcare, communication services, consumer discretionary and financials.
Bull trap if ever there was one. Multi decade high inflation isn't just going to disappear just cos the fed hikes interest rates for a few months. In order to kill this inflation they will need to hike rates to the same level as inflation - nowhere near it yet.
Seems like there is no trust on this rally
Timed the market perfectly - shorted at 3700 thinking there would be another leg down, held until 4232, got rekd
Too early to celebrate. I'm still stocking up on toilet paper just in case.
This is going to age poorly
Will this be historyy in the makingg
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