NEW YORK: Wall Street indices closed higher on Tuesday (Oct 10), to notch their third straight day of gains, after dovish comments from US Federal Res...
Wall Street indices closed higher on Tuesday , to notch their third straight day of gains, after dovish comments from US Federal Reserve officials pushed Treasury yields lower as investors cautiously monitored developments in the Middle East.
The 10-year Treasury yield came off its 16-year peak on Tuesday and was tracking for its steepest single-day drop since August, as trading resumed in the US bond market which had been closed for a holiday on Monday. Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia, also attributed the stock market’s gains on Tuesday to declining bond yields even as he said “the level of risk in the world has gone up considerably”.
Late on Tuesday, Minneapolis Federal Reserve Bank president Neel Kashkari said he believes the US economy is on track for a soft landing in which inflation falls back to the Fed's 2% goal but the unemployment rate does not rise sharply.
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