While equities continue to drift higher after better than expected UofM sentiment, rates have gradually receded, trading near late session lows after the bell.
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The approval rating of President Joe Biden's has continued a recent upwards trend following a strong performance at the midterm elections and a poor 2024 campaign launch of former President Donald Trump.
Bonds bounce (30YY 3.5315) back above pre-FOMC levels as Fed Chairman Powell, answers question over size and pace of future hikes to bring inflation back to 2%. After raising 425bp this year, Powell said "we're into restrictive territory, it's now not so important how fast we go. It's far more important to think what is the ultimate level and then at a certain point, the question will become how long do we remain restrictive."
Yield curves flatter as short end lagging bounce so far.
Stocks extend session lows as Fed Chairman Powell touches upon jobs market in press Conference:
"Job gains have been robust with employment rising by an average of 272,000 jobs per month over the last three months. Although job vacancies have moved below their highs and the pace of job gains slowed from earlier in the year, the labor market continues to be out of balance with demands substantially exceeding the supply of available workers."
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