Wall St slides after manufacturing data, Salesforce tumbles
December 1, 2022Wall Street ends on a leap, reassured by the words of the Fed boss
December 1, 2022Treasury yields extend losses as the prospect of a 50-basis point rate increase this month strengthens after Wednesday’s Powell remarks and the Fed’s Beige Book, while investors expect PCE inflation due this morning to ease a little. The two-year is at 4.326% and the 10-year is at 3.591%. Powell indicated next hikes will be lower than 75 bp and the Beige Book highlighted slowing activity and inflation, while reporting an outlook of “stable or slowing employment growth.” Yields and dollar “are lower as both markets price in a slower pace of rate hikes ahead,” Spartan’s Peter Cardillo says in a note. The ICE dollar index falls 0.5%