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Wednesday, March 29, 2023

Wall Street falls on US jobs data that anticipate a tougher Fed

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However, investors interpret the data as an open door for the Fed to continue its fight against inflation by raising interest rates.

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Said and done, the three main Wall Street indices lose up to 1% led by the Nasdaq at 11,878.51 points; It is followed by the S&P 500 with a loss of 0.8% to 4,100.80 points and, finally, the Dow Jones -0.5% to 33,747.76 points. Manzana falls 2%, just like alphabetmatrix of Google by 2.4%.

Falls on Wall Street hurt Argentine bonds that operate with falls of up to 3.2% in the 2035 and 2029 Globals. Similarly, Argentine papers listed on Wall Street lose up to 3% thanks to Pampa Energía , Banco Superville (-2.5%) and Tenaris (-2.3%).

The yield on 10-year US Treasury bonds hit a four-week high on Monday, after surprising jobs data raised expectations that the Federal Reserve may have to keep raising interest rates for some time to come.

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The yield on 10-year notes rose to 3.640%, its highest since January 6, and that on two-year paper rose to 4.435%, also its highest level since January 6.

The 10-year bond yield has retreated from a 15-year high of 4.338% hit on October 21, on expectations that Fed tightening will trigger a recession this year.

Traders increased bets on rate cuts in the second half of this year after Fed Chairman Jerome Powell seemed unconcerned by easing financial conditions, citing progress in lowering inflation after the meeting. of the entity on Wednesday, when it raised rates another 25 basis points.

The Treasury Department will sell $96 billion in coupons this week, including $40 billion in three-year bonds on Tuesday, $35 billion in 10-year bonds on Wednesday and $21 billion in 30-year bonds on Thursday.

Source: Ambito

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