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US stocks climb as slipping bond yields ease pressure on markets

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Stocks rose moderately, but a higher-for-longer rate outlook Powell hinted at on Friday at Jackson Hole has left investors jittery.

Federal Reserve Chairman Jerome Powell participates in a meeting of the Financial Stability Oversight Council at the U.S. Treasury on July 28, 2023 in Washington, DC.Monday saw stocks gain modestly as bond yields retreated from August highs.The Personal Consumer Expenditures Price Index, the Fed's preferred inflation gauge, will be released Thursday.

Stocks saw modest gains on Monday as investors tried to claw back the month's losses amid lower bond yields and a busy week of economic data points. Equities gained as the 10-year Treasury yield retreated from August highs above 4.3%, although last week's central bank symposium reaffirmed a higher-for-longer interest rate regime. In his remarks, Chairman Jerome Powell noted that the Federal Reserve would "proceed carefully" with further hikes and could stay aggressive if inflation persists.

Markets think the Fed will keep rates steady at its policy meeting next month, but see about 50% odds that the central bank raises interest rates by a quarter of a percentage point in November. Upcoming inflation data this week will further inform investors about the potential path of monetary policy. The latest Personal Consumer Expenditures Price Index data, the Fed's preferred gauge of inflation, will be released Thursday, followed the August nonfarm payrolls report on Friday.

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