The S&P fell 1.8% this week, the worst start to a calendar year since 2016, as tracked by Dow Jones Market Data Group.
The 10-Year Treasury yield settled at 1.76%, a 12-month high, as the Federal Reserve disclosed that policymakers may accelerate the pace of interest rate hikes due to hot inflation.Source: Dow Jones Market Data Group Steven Mnuchin, former treasury secretary under President Trump, gave his forecast for rates after the release of the Fed’s meeting minutes from the December meeting Wednesday."Clearly, the Fed is gonna raise rates, the Fed is going to normalize the portfolio. It’s just how quick or how fast they do it. Eighteen months from now we will be sitting with 3% 10-year treasuries," Mnuchin told FOX Business’ Larry Kudlow, who served as Trump’s top economic advisor.
Higher yields historically benefit banks that can earn more as a result. So investors snapped up financial stocks driving the SPDR Financial exchange-traded fund to a record on Friday.
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