World equities rose while U.S. Treasury yields retreated after minutes of the Federal Reserve’s latest policy meeting showed U.S. central bankers looking to soon moderate the pace of interest rate hikes. | Reuters
“People are going to get excited when they see that some participants were mentioning the need to slow the pace of rate hikes. But the market was already pricing in a 50 basis point rate hike for December and the odds in the Fed futures market of a 50-basis point hike was already 70 percent going into this minutes,” Kahn added.U.S. Treasury yields traded lower after the Fed minutes. Benchmark 10-year notes were down to 3.6908 percent while the yields on two-year notes dropped to 4.4773 percent.
“The Fed has been hiking rates at 75 basis points and it was just unrealistic for them to continue at that pace,” Kahn added. The Dow Jones Industrial Average rose 0.28 percent to 34,194.06, the S&P 500 gained 0.59 percent to 4,027.26 and the Nasdaq Composite added 0.99 percent to 11,285.32.Oil prices fell more than 3 percent, continuing a streak of volatile trading as the Group of Seven nations considered a price cap on Russian oil above the current market level and as gasoline inventories in the United States built by more than analysts’ expected.
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