Treasury Yields Slide After Waller’s July Cut Call: Markets Wrap

Bond yields fell as Federal Reserve Governor Christopher Waller reiterated his case for a July rate cut, while data showed consumer expectations for inflation improved. Stocks wavered amid earnings. President Donald Trump signed the stablecoins bill in a win for the crypto industry.

Short-dated Treasuries led gains as Waller hinted he would dissent if his colleagues vote to hold rates steady in July. Bonds also rose as University of Michigan data showed consumers expect prices to increase at an annual rate of 4.4% over the next year, down from 5% in the prior month. The S&P 500 was little changed. The dollar edged lower, but notched an advance for the week.