Wall Street Week Ahead: No elk or trout, but Fed's virtual retreat may stoke market's 'animal spirits'

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Investors could get a hint from Federal Reserve Chairman Jerome Powell next week about how aggressively the U.S. central bank will try to manage ...

Investors could get a hint from Federal Reserve Chairman Jerome Powell next week about how aggressively the U.S. central bank will try to manage the long-term recovery from the coronavirus pandemic.

The market backdrop this time around could hardly be less dramatic. Spurred by Fed buying of assets, stocks have recovered their entire pandemic-related losses and are trading around record highs, while bond yields have been near record lows. Benchmark 10-year Treasury yields hit near record lows of 0.504per cent earlier this month, before backing up to 0.638per cent after a rash of Treasury supply.

The Fed is trying to spur inflation over the next several years in order to prevent a deflationary spiral as the global economy struggles to right itself from the COVID-19 shock.

 

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