NEW YORK, Sept 20 ― Global stocks eased and the 10-year Treasury yield almost hit levels last seen in 2007 as a plunge in US homebuilding last month underscored the balancing...
NEW YORK, Sept 20 ― Global stocks eased and the 10-year Treasury yield almost hit levels last seen in 2007 as a plunge in US homebuilding last month underscored the balancing act the Federal Reserve faces in presenting its outlook on inflation and the economy this week.
“I expect a reprise of the Jackson Hole speech from Powell,” said Bill Sterling, global strategist at GW&K Investment Management LLC in Boston. “One is fear that inflation, I think incorrectly, might remain sticky, especially with oil prices going higher. Now there's another concern, the potential wage negotiations with the auto workers that might be inflationary,” he said.The yield on benchmark 10-year Treasury notes rose to 4.365 per cent, a notch below the almost 16-year high of 4.366 per cent reached on August 22. The two-year yield, which reflects interest rate expectations, rose 3 basis points to 5.094 per cent.
The dollar index, which gauges the currency against six major peers, was up 0.06 per cent at 105.13, not far from Thursday's six-month high of 105.43.
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