Funding & Business
Stocks Halt Rally as Yields Rise Before Price Data
A rally that put stocks on the brink of all-time highs sputtered and bond yields rose as euphoria around Federal Reserve rate cuts eased just days ahead of a key inflation reading.
While Jerome Powell on Friday signaled a September rate cut is likely amid downside risks to the jobs market, doubts over the pace of those reductions lingered on Wall Street. In addition to officials remaining divided, traders are bracing for a not-so-friendly price reading later this week.
Jennifer Lee, Senior Economist and Managing Director, Economics with BMO Capital Markets, discusses her takeaways from from last week’s Jackson Hole Economic Symposium, and the continued uncertainty surrounding US trade policy. Jennifer speaks with Tim Stenovec and Norah Mulinda on Bloomberg Businessweek Daily. (Source: Bloomberg)
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A rally in small-cap stocks has petered out on concerns that interest-rate cuts won’t come fast or deep enough for the heavily indebted.
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Chancellor of the Exchequer Rachel Reeves says growth is the solution to Britain’s economic problems, but she has been boxed in by an £8 billion ($11 billion) increase in borrowing costs since her last fiscal statement in March. In her Nov. 26 budget, Reeves plans to introduce growth measures such as transport links and planning reforms, but her options are limited and she may have to rely on spending restraint and tax rises to address the economic problems. Bloomberg’s Kit Rees has more.
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Wall Street strategists see signs that investors are becoming more concerned about Federal Reserve independence as President Donald Trump seeks to impose his will on the central bank and pushes for interest-rate cuts.
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