NEW YORK: US stocks rose on Tuesday (Nov 7), with the S&P 500 and Nasdaq notching their longest streak of gains in two years, as a retreat in US Treas...
Markets are pricing in a 90% chance the Fed will once again hold rates steady at its December policy meeting. – ReuterspicUS stocks rose on Tuesday , with the S&P 500 and Nasdaq notching their longest streak of gains in two years, as a retreat in US Treasury yields buoyed megacap growth stocks while investors sought more clarity on interest rates from the Federal Reserve .
The benchmark 10-year Treasury note yield was on pace for its fifth decline in six sessions on expectations the Fed is done with its rate hike cycle. Yields extended losses after a solid auction of US$48 billion in three-year notes with auctions of the 10-year note and 30-year bond due later this week.
Fed governor Christopher Waller said on Tuesday that third-quarter US economic growth, at an annualised 4.9% rate, was a “blowout” performance that warrants watching as the central bank considers its next policy moves. Fellow governor Michelle Bowman said she took the recent gross domestic product number as evidence the economy not only “remained strong,“ but might have gained speed and requires a higher Fed policy rate.
“But what the market is telling you – the market, traders – are pushing for is we’re all done, it’s a rate cut, almost as if they are trying to force the hand.”
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