Wall Street stocks declined dramatically and Treasury bonds rallied on Thursday as weak economic data and a slowdown evident in corporate earnings spurred fears about a decelerating US economy. The tech-heavy Nasdaq Composite closed down 2.3 per cent, having slid more than 3 per cent earlier.
Bonds had already rallied in the wake of Wednesday’s decision by the Fed to keep rates at a 23-year high, as chair Jay Powell signalled that the central bank could finally start lowering borrowing costs next month. They extended gains on Thursday as the latest signs of a slowing jobs market boosted expectations for three quarter-point rate cuts by the end of the year. The benchmark 10-year Treasury yield fell 0.12 percentage point to 3.
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