S&P 500 tests 4200 as 10-year Treasury yield exceeds 5%
Rising bond yields are a result of investors pricing in expectations of robust U.S. economic growth and concerns about fiscal challenges.
The surge in yields at the long end of the yield curve followed remarks from Federal Reserve Chair Jerome Powell, who suggested that the strong U.S. economy and a tight labor market might necessitate tighter financial conditions. “The yield curve continued its bear steepening driven by stronger than expected macro data and elevated supply. The supply/demand dynamic, elevated supply and waning demand, will remain the primary driver of longer-dated Treasuries,” analysts at JPMorgan said.“A global risk-off tone continues with the ongoing conflict in the Middle East,” the analysts added.Elsewhere, the U.S. dollar remained strong, maintaining its position around the 150 level against the Japanese yen.
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