Stocks and Treasury yields both higher as markets brace for Fed decision
Markets were taking a cautious approach ahead of the Fed rate decision, with major indexes mostly positive and Treasury yields also higher.
The Dow Jones Industrial Average is up less than 100 points, while the S&P 500 and the Nasdaq were around the flatine.
In the fixed income market, the benchmark 10-year note added about 3.6 basis points to yield 5.03%, while the 2-year note added 3.7 basis points to 4.774%.
Since Kevin Warsh took over as Fed chairman in May, stocks have generally fallen on Fed meeting days, then posted gains the day after, according to DataTrek Research cofounder Nicholas Colas. The S&P 500 in particular has rallied at least 1% on the three post-meeting days of Warsh’s tenure.
—Jeff Cox
Markets were taking a cautious approach ahead of the Fed rate decision, with major indexes mostly positive and Treasury yields also higher.
The Dow Jones Industrial Average is up less than 100 points, while the S&P 500 and the Nasdaq were around the flatine.
In the fixed income market, the benchmark 10-year note added about 3.6 basis points to yield 5.03%, while the 2-year note added 3.7 basis points to 4.774%.
Since Kevin Warsh took over as Fed chairman in May, stocks have generally fallen on Fed meeting days, then posted gains the day after, according to DataTrek Research cofounder Nicholas Colas. The S&P 500 in particular has rallied at least 1% on the three post-meeting days of Warsh’s tenure.
—Jeff Cox