People walk past the New York Stock Exchange on Wednesday, June 29, 2022 in New York. Stocks are opening lower across the board on Wall Street, Tuesday, July 5, and crude oil prices are dropping again. Treasury yields also fell as traders continued to worry about the state of the economy – Stocks are falling again on Wall Street Friday, and the S&P 500 is on track for its first back-to-back weekly drop since the turn of the year.
That’s forced a sharp recalibration on Wall Street as investors move their forecasts for interest rates closer to the “higher for longer” stance that the Federal Reserve has long been espousing. The hope is that high rates can drive down inflation, but they also hurt investment prices and risk causing a severe recession.
The two-year Treasury yield rose to 4.64% from 4.62% late Thursday and from less than 4.10% earlier this month. It has recently approaching its heights from November, when it reached its highest point since 2007. But critics say many of those areas also tend to be among the last to feel the effects of higher interest rates and may still crack. And the Fed has already raised rates by the most aggressive pace in decades.
He's also worried about how much of the high inflation sweeping the economy is the result of reduced competition as companies across industries consolidated, something that rate hikes by themselves can't solve.
Thanks to the Byeden recession, stocks losing big and sinking Americans retirement accounts while prices on all goods keep rising, joe & his incompetent administration need to go and fast!
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Source: Reuters - 🏆 2. / 97 Read more »