U.S. stock market skids Tuesday, spooked by Fed’s Powell tough talk on interest rates and 5% Treasury yields
March 8, 2023
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March 8, 2023Treasury yields tumble as the ADP employment report shows the addition of 242K jobs in February, up from January’s 106K and more than expected by analysts polled by WSJ. The 10-year is at 3.942% and the two-year at 5.015%. Their inverted gap reached a full percentage point yesterday, “flashing a steeper than previously through recession,” as Spartan’s Peter Cardillo says in a note. Chair Powell addresses the House starting at 10am ET and is expected to maintain the hawkish tone he struck yesterday in the Senate.
