Wall Street ends very slightly down on the eve of a Fed meeting
May 2, 2023
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May 3, 2023Bond yields plummet ahead of Fed Day and as March factory orders and job openings fall. The 10-year is at 3.435%, from an intraday peak of 3.572%, while the two-year falls to 3.961% from 4.16%. Only short-duration bill yields are rising, with the three-month at 5.172% and the one-month at 4.466%. Markets are likely moving on recession fears, says Peter Cardillo, chief market economist at Spartan Capital. Layoffs rose to 1.8M in March from February’s 1.6M, while factory orders excluding transportation were down 0.7%. Cardillo thinks the US is already in recession.
