Stocks were feeling some relief from relaxing pressure within the bond market. Treasury yields eased back from their highest levels in over a decade.
The Federal Reserve left its key interest rate unchanged for the second time in its last three meetings, a sign that it’s moderating its fight against inflation.After more than a decade in which the Federal Reserve would often cut rates in order to help the economy, still-high inflation is now discouraging the Fed from lowering rates quickly.
Strategists at Bank of America say yields could keep rising further. Even if the Fed is close to finished with hiking its overnight interest rate, it could hold the rate there for a long time. That in turn would push up medium- and longer-term yields., where the mantra was “There is no alternative” to stocks because bonds were paying such scant yields. With bonds now paying much more and providing real alternatives, stock prices could feel downward pressure for a while.
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