NEW YORK, Sept 23 ― Wall Street see-sawed to a lower close yesterday, capping a tumultuous week during which benchmark Treasury yields hit 16-year highs and investors digested the Federal Reserve's hawkish outlook revisions.All three posted weekly losses, with the S&P 500 and the Nasdaq registering their largest Friday-to-Friday percentage drops since March.
Hill added that investors have “wanted to trade peak interest rates for almost a year now.” But he said it was clear in remarks this week by Fed Chair Jerome Powell “and in the dot plot that the Fed doesn't think we’re there yet.”Benchmark US Treasury yields retreated from 16-year highs as investors turned their focus from hawkish Fed guidance to key economic data waiting in the wings.
“There are a lot of factors working against a soft landing and that’s something the Fed needs to be reminded of, because pushing rates higher could push us into recession,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. Ford Motor Co gained 1.9 per cent after the striking United Auto Workers union reported progress in talks with the automaker.
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