Treasuries ended a two-day rally and the dollar advanced as data confirmed the economy remains on solid footing at the same time inflation is muted.
The 10-year Treasury yield rose toward 2.5% after data showed a strong U.S. labor market and tepid price gains, boosting confidence the Federal Reserve can remain in its patient stance toward rates. The dollar advanced the most in a week, while the pound fell as Prime Minister Theresa May accepted the European Union’s offer to push out the Brexit deadline six months.The S&P 500 was little changed in thin volumes as the benchmark hovered under the key level of 2,900 and closed within 1.
Investor optimism on global stocks and commodities has endured even as warnings about a global economic slowdown abound. Caution over economic pullbacks has emerged in comments from the European Central Bank, the International Monetary Fund and in the Federal Reserve minutes — which reinforced expectations that interest rates should be on hold for the rest of this year.
Oil in New York retreated from a five-month high as an increase in U.S. inventories to the highest since late 2017 overshadowed OPEC’s efforts to reduce production. In emerging markets, equities declined and were poised to snap their longest streak of gains in more than one year. India’s rupee strengthened as elections started.U.S. banks begin reporting first-quarter earnings, led by JPMorgan and Wells Fargo. Singapore decides on monetary policy and releases GDP data Friday.
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