Read more about Surging yields drag indices: Sensex falls 440 pts, Nifty ends at 14,938 on Business Standard. 10-year US Treasury yield crosses 1.5% again following Powell s comments
Wall Street and a gauge of global equity markets rose on Friday as investors cheered signs of economic strength in a report that showed faster-than-expected U.S. jobs growth, data that initially stoked inflation concerns.
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WASHINGTON, March 5 (Reuters) - At a glance, the rebound in job growth in the hard-hit U.S. hospitality sector in February highlighted the potential for COVID-19 vaccines and falling infection rates to restore a labor market hobbled by the pandemic.
But the distance from the economy’s pre-pandemic employment levels remained massive, and the details of the Labor Department’s monthly jobs report on Friday showed that one of the key racial equity measures now watched by the Federal Reserve in its drive towards “inclusive” maximum employment had faltered.
A broad index of labor market indicators, consolidating 22 sets of statistics using a method developed by Cornerstone Macro, improved slightly, edging towards the high-water mark for U.S. workers in the 1990s.
By Reuters Staff
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March 5 (Reuters) - A sharp recent rise in bond yields mostly reflects expectations for stronger economic growth ahead, Cleveland Federal Reserve Bank President Loretta Mester said on Friday, but “we are still very far from our goals” of full employment and price stability.
The U.S. recovery needs to become broader-based and sustainable, she told CNN International. “From my point of view on policy, I think that’s going to take sustained accommodation from the Fed for some time,” she said. (Reporting by Ann Saphir; Editing by Leslie Adler)
Investors pushed up U.S. bond yields again on Thursday in apparent pique over Federal Reserve Chair Jerome Powell's reluctance to promise even more support for the pandemic-hobbled economy than the central bank is already providing.