The Dow Jones Industrial Average rises 0.3%, the S&P 500 gains 0.10%, and the Nasdaq Composite drops 0.03% on Monday, April 10.
Fed lending to banks over the past four weeks has increased more than $400 billion and offset nearly two-thirds of the quantitative tightening that began a year ago, said Joe LaVorgna, chief US economist at SMBC Nikko Securities in New York.
Traders also are betting that the Fed will cut rates in the second half to ward off an economic downturn, but the 2-year Treasury note’s 4% rate and what will likely be a 5% Fed target rate is a “huge discrepancy” that cannot continue, LaVorgna said.Trading was light as markets were closed in Europe, Australia, and Hong Kong for Easter.
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