The yield on 30-year Treasuries, which is the annual interest rate the US government pays on its debt obligations, briefly surpassed 5% threshold.
Trump beats Biden on most issues, but still trails among likeliest voters: pollis likely to keep interest rates high
“Ultimately, the feedback effect starts to fuel fears that you’re going to have a hard landing,” RJ Gallo, a senior portfolio manager for Federated Hermes,The federal government said on Thursday that there were 207,000 jobless claims filed in the week ending Sept. 30 — up slightly from 205,000 the previous week but below the 210,000 claims that economists had forecast.
The Dow Jones Industrial Average was down by around 0.22% as of 10 a.m. Eastern time on Thursday while the Nasdaq fell 0.75%.The rise in yields coupled with rising federal budget deficits, an auto workers strike and a resumption of student loan payments could send the economy into a recession, according to Anna Wong, the chief economist for Bloomberg Economics.
“I remain willing to support raising the federal funds rate at a future meeting if the incoming data indicates that progress on inflation has stalled or is too slow to bring inflation to 2% in a timely way,” Fed Governor Michelle Bowman said Monday in prepared remarks to a banking conference.Higher yields make it more expensive for consumers and companies to borrow money, thereby undercutting the economy and increasing the risk of a recession.
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