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Fed Holds Steady | What You Missed in Markets
Posted
May 1, 2024
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May 1, 2024
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2:11Now PlayingThe world’s biggest bond market surged as Jerome Powell downplayed the possibility of rate hikes and the Federal Reserve said it will shrink its balance sheet at a slower pace to ease strains in money markets. Treasuries climbed across the curve, with two-year yields dropping below 5%. Swap traders boosted their bets on rate cuts and projected higher odds that the first move will happen in November, instead of December. The S&P 500 finished lower — after gaining over 1% during Powell’s press conference — as chipmakers plunged in the final hour of US trading.
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