Stocks rose and bond yields fell as Jerome Powell — as expected — reiterated the Federal Reserve is in no rush to cut interest rates, with traders also weighing the latest labor-market readings.
In prepared testimony to a House panel Wednesday, the Fed chief said it will likely be appropriate to begin lower borrowing costs “at some point this year,” but made clear they’re not ready yet. Treasuries edged higher. Tech shares led a rebound in equities, with the Nasdaq 100 outperforming after a selloff in the previous session.
Source: www.bloomberg.com
