Stock Euphoria Deflated With Powell as ‘Wild Card’: Markets Wrap
- Federal Reserve’s boss due to appear in interview on Tuesday
- Fed’s Bostic says higher peak rate on table after jobs blowout
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Stocks continued to give back some of this year’s gains, with traders waiting to see if Jerome Powell will dampen the bullish reaction to his recent remarks as the Federal Reserve keeps its firm grip on policy.
As equities came off overbought levels, Treasuries took a hit following the best start to a year for cross-asset returns since 1987. The Fed’s boss will have an opportunity in an interview Tuesday to remind Wall Street that bets on rate cuts in 2023 are probably misplaced at this stage.