Fed-Obsessed Traders Lift Stocks as Yields Slide: Markets Wrap
- US officials expect debate on rate peak and when to slow hikes
- Yen climbs as Japan intervenes in market again to prop it up
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Wall Street saw another day of big reversals, with stocks notching their best week since June after a Treasury rout sputtered. The yen jumped as Japan intervened again to prop up the currency.
At a time when traders have been fixated on the outlook for interest rates, it’s no surprise that all the drama in the world’s biggest bond market would dictate sentiment. After being all over the place in early trading, equities climbed strongly as US yields fell from multiyear highs.