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Analysis: Debt-laden world, rising bond yields - a toxic taper tantrum combo
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Analysis: Debt-laden world, rising bond yields - a toxic taper tantrum combo
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Debt-laden world, rising bond yields: a toxic taper tantrum combo
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Dow misses out on record high as Wall Street avoids back-to-back losses MarketWatch 1/12/2021
MARKET SNAPSHOT
U.S. stocks finished slightly higher Tuesday as investors weighed a further rise in bond yields and worries over the resurgence of of the COVID-19 pandemic against prospects for more economic aid from the incoming administration of President-elect Joe Biden and a 2021 economic recovery.
Stocks pulled back Monday after ending last week at record levels. The tech-heavy Nasdaq Composite led the way lower, falling 1.3%, while the Dow fell 0.3% and the S&P 500 declined 0.3%.
Stocks clung to gains as investors watched a rise in U.S. government bond yields this month. A Treasury market selloff saw the 10-year Treasury note BX:TMUBMUSD10Y recording its largest weekly rise since June in the past week and the spread between the 10-year and 2-year yields a measure of the yield curve briefly hit its widest levels since 2017.
Fed officials all backed purchasing pace
Bloomberg
US Federal Reserve officials unanimously backed holding the pace of asset purchases steady when they met last month, with some open to “future adjustments” if needed, meeting minutes published on Wednesday showed.
“All participants judged that it would be appropriate to continue those purchases at least at the current pace, and nearly all favored maintaining the current composition of purchases,” the minutes of the Dec. 15 and 16 meeting said. “A couple of participants indicated that they were open to weighting purchases of [US Department of the] Treasury securities toward longer maturities.”
The Federal Open Market Committee held interest rates near zero and strengthened its commitment to bond buying at the meeting, pledging to maintain a US$120 billion monthly pace of purchases until there is “substantial further progress” toward its employment and inflation goals.