Wall Street set to open lower as yields rise ahead of Powell speech
Wall Street was set to open lower on Monday as the 10-year Treasury yield regained 2007 highs, while investors awaited comments from Federal Reserve Chair Jerome Powell and more data this week to gauge the central bank's interest-rate path.
Powell and Philadelphia Fed President Patrick Hasker will speak at a roundtable discussion, due 11 a.m. ET, with local employers and small business owners on efforts to grow the economy.
Later in the day, Cleveland Fed President Loretta Mester will speak on the outlook for the U.S.
economy.
Yield on the 10-year Treasury note edged higher on Monday at 4.6371%, touching 16-year highs again, while the yield on the 2-year note, which best reflects interest rate expectations, remained above 5%.
«The Fed has said that their target is still 2% and they are still long ways away from getting inflation really going in the direction that they want,» said Russell Hackmann, President of Hackmann Wealth Partners.
«More of a concern for market participants right now is the kind of dislocation in the markets as the treasury market is struggling (recently).»
U.S. stocks ended the July-September period lower to log their first quarterly decline in 2023 as investors grappled with the prospects of interest rates remaining higher for longer amid a recent rally in crude prices fueling inflation concerns.
A slew of economic data including U.S.
