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Wall Street’s three main indexes remain under pressure after news about reducing stimulus by tapering bond purchases
Wall Street’s three main indexes remain under pressure after news about reducing stimulus by tapering bond purchases
May 23, 2021
For the week, the Dow Jones weakened -0.51%, the S&P 500 -0.43%, while the Nasdaq advanced 0.31%
U.S. policymakers started to talk about reducing stimulus by tapering bond purchases
Dallas Fed President Robert Kaplan said that tapering should start sooner rather than later
Wall Street’s three main indexes remain under pressure; the Dow Jones and the S&P 500 weakened on a weekly basis while the Nasdaq posted a minor recovery. According to the latest news, U.S. policymakers are ready to talk about reducing stimulus by tapering bond purchases, while Dallas Fed President Robert Kaplan said that tapering should start “sooner rather than later.”
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Don’t bet against Uncle Sam. Market analysts were sure of one thing at the start of 2021: the dollar was due a fall. A strong global recovery, combined with fears of government overspending in Washington, meant investors were expected to swap their greenbacks for a more colourful collection of international currencies. Instead, the US dollar index, which measures the currency’s value against a basket of six major trading partners’ currencies, has gained 2.3% so far this year.
The greenback enjoyed its best quarter since 2018 in the first three months of this year, says Eva Szalay in the Financial Times. It gained an impressive 7.2% against the Japanese yen. The dollar’s strength has been driven by higher US Treasury bond yields. The US ten-year yield has risen from 0.9% at the start of the year to 1.65% today. That has made it more attractive relative to bonds in other currencies.
Stock Market Party
- Clarence Darrow (1857-1938), American lawyer
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The end of 2020 has me looking back. I started writing the letters that later became
Thoughts from the Frontline back in the late 1990s. Similar to COVID-19 today, we had a giant macro issue then, too: Y2K. It’s hard to believe now how frightened some people were. But as I expected, the big day came and the world didn’t end.
Another similarity is the stock market was rising like a rocket. This newfangled “Internet thing had people super-excited, and rightly so. It was a world-changing paradigm shift. Unfortunately, some of the stocks born in that incredible boom weren’t world-changing paradigms at all. The market party ended, just as this one will, but went on far longer than almost anyone (including me) expected.
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