NEW YORK, Sept 26 — A global index of stocks fell slightly while Wall Street eked out a gain in yesterday’s choppy market as bond yields rose and investors continued to digest...
NEW YORK, Sept 26 — A global index of stocks fell slightly while Wall Street eked out a gain in yesterday’s choppy market as bond yields rose and investors continued to digest last week’s central bank indications that interest rates would stay higher for longer.
Yesterday, Chicago Fed president Austan Goolsbee said inflation entrenched above the central bank’s 2 per cent target remains a bigger risk than tight Fed policy slowing the economy more than needed. “We’re potentially putting in a bottom from the correction we’ve had. The market’s been volatile in the last couple of sessions. A lot has to do with the Fed and the focus on what the Fed is going to do,” said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.
Investors are also wary ahead of the next US inflation reading, which is due on Friday, and “may stay in a wait and see mode,” until that is released, said Mona Mahajan, senior investment strategist at Edward Jones. “The core rationale over the past couple of months has been pretty consistent in that the market continues to position itself for the ‘higher for longer’ type of environment,” said Jim Barnes, director of fixed income at Bryn Mawr Trust in Berwyn, Pennsylvania.
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