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“Credit markets have yet to signal any type of impending weakness” ahead for U.S. stocks, according to Ian McMillan, a market technician at Client First Tax & Wealth Advisors. McMillan made the comment in a Twitter post last week that compared the S&P 500 Index with the yield gap between some of the lowest-rated high-yield bonds and Treasuries. This week began with the gap for the Bloomberg Barclays Caa U.S. High Yield Index moving to its narrowest level since July 2018. A widening of high-yield spreads would be a caution signal for stocks, he wrote.
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Stocks Fluctuate, Dollar Climbs After Fed Minutes: Markets Wrap
Bloomberg 31 mins ago Rita Nazareth and Claire Ballentine
(Bloomberg) Stocks and Treasuries fluctuated while the dollar climbed after the Federal Reserve refrained from signaling it will make any changes to its bond-buying program any time soon.
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Minutes from the latest Fed meeting indicated there would likely be “some time” before the conditions are met for scaling back the asset-purchase program of $120 billion per month. Officials still saw elevated uncertainty in the growth outlook which is in line with an “accommodative” stance. Meanwhile, the central bank said the recent surge in Treasury yields reflected improved economic prospects. While Wall Street has been increasingly worried about inflation, policy makers saw those risks as balanced.
Apr 07 2021, 11:25 PM
April 07 2021, 3:19 AM
April 07 2021, 11:25 PM
(Bloomberg) Stocks wavered as investors sifted through remarks from Federal Reserveâs officials for their views on the outlook for economy.
(Bloomberg) Stocks wavered as investors sifted through remarks from Federal Reserveâs officials for their views on the outlook for economy.
Traders also assessed Treasury Secretary Janet Yellenâs detailed sales pitch for the Biden administrationâs proposed new corporate-tax code. The S&P 500 hovered near a record, with technology companies gaining and industrial shares moving lower. Fed Bank of Dallas President Robert Kaplan predicted a strong rebound, with inflation possibly rising âwell in excessâ of 2.5%, before settling back. Meanwhile, Fed Bank of Chicago President Charles Evans played down the recent rise in longer-term bond yields. Treasuries fluctuated.
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