Bond Traders See Jobs Testing Hawkish Fed Pricing: Markets Wrap
- US stock market closed Thursday for Carter’s day of mourning
- UK market slide deepens with pound falling to lowest in year
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The world’s biggest bond market halted a selloff that roiled trading around the globe, with investors gearing up for jobs data that will help shape the outlook for Federal Reserve rates.
Treasuries stabilized after a rout that drove 30-year yields to the highest since 2023. The bond market closed at 2 p.m. New York time in observance of a national day of mourning for former President Jimmy Carter. US stock markets were shut. Meantime, the pound slipped to a more than one-year low and gilts sank on concern the Labour government will struggle to keep the deficit in check as borrowing costs surge.