HomeFinancial MarketsDollar and Stocks Steady as Bonds Ease From Record Highs

Dollar and Stocks Steady as Bonds Ease From Record Highs

The U.S. dollar and stocks in New York stabilized on Wednesday, while U.S. Treasury Yields retreated from their 16-year high, easing pressure on the economy. Derek Halpenny, head of global markets research at MUFG Bank Ltd., observed: “If yields continue to move higher, at some point relatively soon we will see even larger equity market declines and a hit to the main engine of the US economy – the consumer.”

Futures on the S&P 500 advanced by 0.3%, as did those on the Nasdaq 100. Contracts listed on the Dow Jones Industrial Average edged 0.2% higher. The yield on 10-year Treasuries fell by four basis points to 4.5%.

While the Bloomberg Spot Dollar Index remained little changed, the U.S. dollar strengthened against several major currencies. The euro declined by 0.1% to $1.0559, while the offshore yuan fell 0.1% to 7.3176 per dollar. The British pound was unchanged at $1.2149.

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