Business Maverick: Stocks Bounce as Yields Drop in Countdown to Fed: Markets Wrap

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Stocks bounced back as Treasury yields halted their surge, with traders awaiting to hear the Federal Reserve’s policy decision and its “dot plot” of economic projections that’s expected to show a push to hold rates higher for longer.

Traders refrained from making big bets ahead of the announcement, with the S&P 500 pushing away from a two-month low. Ten-year US yields dropped, while shorter-term rates were roughly flat.

That doesn’t mean Powell will walk back some of his hawkish rhetoric as that could harm the central bank’s credibility, according to Maley, who remarked that even the Fed officials who had been “quite dovish in the past have been quite hawkish recently.”

 

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