Bond traders looking for Jerome Powell to reignite a rally came away disappointed after the Federal Reserve cut interest rates as expected but gave little away about the path ahead. Treasuries inched higher, adding to gains clocked Thursday. The 10-year yield edged down two basis points to 4.31%, taking the drop this week to eight basis points.
Open Flip
Chinese stocks and the yuan declined after authorities announced a 6 trillion yuan program to refinance local government debt, with futures on the FTSE China A50 Index plunging 5% and the yuan sinking 0.6% in offshore trading, signaling investors were unimpressed with the latest attempt to support the economy.
Open Flip
Bond traders have a long weekend ahead of them. Stock traders? Not so much. Bond market will close on Monday in observance of Veterans Day. Wall Street, however, will be open on Monday, with the stock market open for a regular session. The stock market will also close early on the day after Thanksgiving and Christmas Eve, while bond markets will close early on those same days and New Year's Eve.
Open Flip
