Marketmind: 'Remarkable' US markets surf crosscurrents
© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange in New York City, U.S., September 28, 2023. REUTERS/Brendan McDermid/File PhotoU.S. stocks have surfed through multiple crosscurrents over the past week - from the blistering spike in Treasury yields to the Middle East shock at the weekend - but they remain on board amid what the IMF sees as"remarkable" U.S. economic strength.
As cash Treasury markets returned from Monday's Columbus Day holiday to a week of heavy long-term debt auctions, they were also greeted with rekindled optimism about the Federal Reserve's policy rate trajectory. Fed Vice Chair Philip Jefferson chimed:"I will remain cognizant of the tightening in financial conditions through higher bond yields and will keep that in mind as I assess the future path of policy".
While the IMF cut its growth forecast for China and the euro area, it left its overall global forecast unchanged due to what it called the"remarkable strength" of the U.S. economy.
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