YOUR AD HERE — REACH DISCERNING READERS OF SERIOUS JOURNALISM
Rates upon inquiry. Clowns extra.
COURTS✒ EDITORIALABSURDITY:
Wall Street turns focus to bonds after Fed rate hike as indexes split
Filed 1h ago · Via Courthouse News · The Buffoon Desk
THIS STORY IS SCORED
Merry Go
Kevin MacLeod · incompetech.com · CC BY 4.0
Photo: Elisa.rolle · CC BY-SA 4.0 · via Wikimedia Commons
The Federal Reserve raised interest rates by 25 basis points, its first hike in three years, sending the Dow down 899 points by week's end while the Nasdaq gained 189 points. The 10-year Treasury yield topped 5% for the first time since 2007 as Brent crude held above $100 a barrel. The Fed's own projections show most committee members expecting three more hikes over the next 15 months.
President Trump, who has pushed for rates near 1%, told reporters he'd advised a Fed appointee to just vote along with the board since 'it's not going to matter.' Meanwhile retail sales beat forecasts and manufacturing stayed positive, though one economist warned of a widening gap between how lower- and higher-income households are weathering rising gas prices.
The full dispatch is available from the source below.
✒ FROM THE EDITORIAL DESK
Trump wanting rock-bottom rates while the bond market sets its own price is about as surprising as a rooster wanting the sun to rise on his schedule. The Fed can vote however it likes, but Brent crude and the 10-year Treasury don't check in with anybody's press office first. When the man in charge tells his own appointee it doesn't even matter how he votes, that's not confidence, that's a shrug dressed up as strategy.
