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Put another way, the Federal Reserves restrictive monetary policy is tightening financial conditions by design. The two-month damage to stocks thanks to even higher longer-term bond yields — while the US dollar soars — has pushed a Goldman Sachs Group Inc. index of cross-asset health to the most sluggish level of the year.
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A possible shutdown has added to worries for stock investors as they grapple with benchmark Treasury yields that have climbed to 16-year highs after the Federal Reserve last week signaled a hawkish long-term path for interest rates.
Investors were also attuned to developments in Washington as divisions among U.S. lawmakers put the federal government at risk of a partial shutdown by the weekend.
Canada's main stock index fell on Wednesday to its lowest closing level in more than two months as bond yields continued to climb and a drop in gold prices weighed on mining shares. The...