U.S. indexes rose on Friday, on course for weekly gains, as Treasury yields took a breather from a week-long rally.
"To see long-term yields down today is a surprise, but recession fears seem to be receding and the expectation that the Fed will tighten hasn't changed."the impact of higher rates on the economy might only begin to "bite" in earnest this spring, an argument for the Fed to stick with "steady" quarter-point rate increases.
The three main indexes were set for weekly gains, with the Dow set for its first weekly rise in five. Hawkish comments from Fed policymakers and recent economic data have pushed traders to price in at least three more 25 basis point rate hikes this year and see interest rates peaking at 5.46% by September from 4.66% at present.
The odds of a 50 basis point rate hike in March stood at just 20%, but investors are awaiting monthly payrolls and consumer prices data to see if the Fed will go big later this month. The Fed is "acutely aware" of the challenges high inflation poses to the economy and is "strongly committed" to its 2% target, the central bankAt 11:56 a.m. ET, the Dow Jones Industrial Average
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