Two-Year Yield Tops 5% on Powell’s ‘Sterner’ Tone: Markets Wrap
- S&P 500 halts winning run; Bitcoin hits 18-month high
- Fed chief says officials won’t hesitate to tighten if needed
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Treasury yields surged, while stocks finished lower as Jerome Powell threw cold water on Wall Street’s dovish wagers.
Just eight days after his speech had fueled bets the Federal Reserve was done with hikes, Powell said officials won’t hesitate to tighten if needed. While that’s essentially what several Fed speakers have been signaling, it’s the part that drew investors attention, especially after a rally in equities and bonds.