Bond Yields Climb on Powell’s Wait-and-See Signals: Markets Wrap
- Powell tells Congress Fed is still in no rush to lower rates
- Intel, GlobalFoundries up on remarks that AI to be made in US
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Treasury yields rose and stocks fluctuated as Federal Reserve Chair Jerome Powell reiterated the central bank is in no rush to cut rates.
Bonds fell across the curve, with money markets continuing to fully price in just one rate cut by the Fed this year. The S&P 500 remained stuck in a tight range. Most big techs dropped, though Meta Platforms Inc. climbed for a 17th consecutive day. Intel Corp. and GlobalFoundries Inc. surged as Vice President JD Vance said the US will make sure the most sophisticated artificial-intelligence hardware is made domestically.