HomeFinancial MarketsFutures Static and Bonds Rise Amid Interest Rate Anxiety

Futures Static and Bonds Rise Amid Interest Rate Anxiety

U.S. stock futures remained largely unchanged and bond yields rose on Thursday amid growing concerns that central banks could continue raising interest rates.

Both the S&P 500 and the Nasdaq Composite Index remained relatively unchanged after edging lower on Wednesday. S&P 500 e-minis rose 0.06% and the Nasdaq 100 gained 0.09% while Dow e-minis edged just 0.01% upwards. Microsoft Corp fell marginally, while Apple Inc and Amazon.com Inc both rose modestly.

Bonds were on the rise as the Bank of Canada implemented an unexpected interest rate hike. The 2-year Treasury yield marched on to its third consecutive daily rise, reaching 4.56%, amid rising concerns that the Federal Reserve may continue its interest rate hiking agenda.

“Our view remains that the Fed will pause in June, but leave the door open for a July hike, keeping it data dependent. Eventually we don’t think the Fed will hike in July,” Jefferies strategist Mohit Kumar said. Currently, traders expect that there is a 70% chance that the Fed will keep interest rates at the current 5%-5.25% range in June.

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