Posted 11/10/2023, 11:09:00 AM
Fed Chair Powell Dampens Hopes for Rate Cuts, Sending Markets Lower
- Fed chair Powell pushes back against early rate cuts, spoiling market rally
- Powell refuses to rule out more hikes, says not yet confident on reaching 2% inflation target
- Treasury yields jump after poor long bond auction amid liquidity concerns
- S&P500 snaps 8-day winning streak, falls 1% as global stocks retreat
- Focus turns to next week's October CPI report to potentially sway Fed's stance
- Dollar holds gains, yuan slips; sterling falls despite better UK GDP data
- China stocks drop, Country Garden aims for debt restructuring plan by year-end
- Yellen meets Chinese vice premier amid efforts to limit economic fallout