Last Update: May 19, 2023, 23:46 IST
Federal Reserve Board Chairman Jerome Powell speaks during a news conference at the Federal Reserve, Wednesday, March 22, 2023, in Washington. (AP Photo)
All three major US stock indexes turned red as Powell said the central bank had not made a decision about whether rates are “restrictive enough”.
US stocks edged lower and the Treasury yield curve traded volatile on Friday as Federal Reserve Chairman Jerome Powell reiterated that inflation remains well above the Fed’s target, and as reports emerged that US debt limit talks have stalled. Drowned in
All three major US stock indexes turned red as Powell said the central bank had not made a decision about whether rates are “restrictive enough” to ease inflation.
Adding to market volatility, Treasury Secretary Janet Yellen told bank CEOs that more mergers may be necessary to address the banking liquidity crisis, according to CNN.
Multiple reports that the White House and House Republican lawmakers were in talks to raise the debt ceiling stalled, reviving fears over a possible US default.
The Dow Jones Industrial Average fell 90.74 points, or 0.27%, to 33,445.17, the S&P 500 fell 4.4 points, or 0.10%, to 4,193.65 and the Nasdaq Composite fell 21.92 points, or 0.17%, to 12,666.92.
The benchmark 10-year note fell 5/32 to yield 3.6669% from 3.648% late last Thursday.
The 30-year bond price 16/32 fell to 3.9299% late Thursday from 3.901%.
The dollar index fell 0.48%, the euro rose 0.43% to $1.0815.
The Japanese yen strengthened 0.76% versus the greenback at 137.69 per dollar, while sterling was last trading at $1.2462, up 0.44% on the day.
US crude fell 0.36% to $71.60 a barrel and Brent was at $75.40, down 0.61% on the day.
Spot gold rose 0.8% to $1,974.59 an ounce.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – reuters,
