Treasuries Fall as Trump Shakes Fed Chair Wagers: Markets Wrap

Hopes for another buoyant day across asset classes were deflated at midday over concern President Donald Trump is cooling on his dovish front runner to head the Federal Reserve.

Treasuries dropped across the curve as traders slightly dialed back expectations for Fed rate cuts this year. The S&P 500 struggled to gain traction on Friday despite a rally in giant chipmakers, and finished lower for the week. Small caps kept rising, with the Russell 2000 beating the US equity benchmark for an 11th straight session.