Stocks drop from record, dollar wavers before Fed
BNN Bloomberg
Stocks fell from a record, Treasuries dropped and the dollar struggled to find direction before the long-awaited Federal Reserve decision.
Stocks fell from a record, Treasuries dropped and the dollar struggled to find direction before the long-awaited Federal Reserve decision.
While officials have signaled rate hikes won’t be on the table until the bond-buying program ends, investors are projecting more than two quarter-point increases by early 2023. For Win Thin, a strategist at Brown Brothers Harriman, the Fed may try to push back against aggressive tightening wagers, “but we are not sure that the market will listen.” Matt Maley at Miller Tabak + Co. says “markets are certainly not pricing in any overly hawkish comments from our central bank.”
More comments from strategists:
The Treasury announced the first reduction in its quarterly sale of longer-term debt in more than five years. Twenty-year bonds rallied in the wake of the larger cuts to that sector, before paring gains.
U.S. companies added the most jobs in four months, suggesting employers are making progress in filling a near-record number of open positions. The data precede Friday’s monthly employment report from the Labor Department, which is forecast to show that private payrolls increased by 408,000 in October. Service providers expanded at a record pace in October, powered by resilient demand and stronger business activity.
Some corporate highlights:
