Stock market today: Dow, S&P 500, Nasdaq futures rise with Wall Street awaiting expected Fed rate cut

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• Bond traders defy Fed complaint cuts, sparking heated statement connected Wall Street

  Bloomberg reports:

  The enslaved market’s absorption to the Federal Reserve’s interest-rate cuts has been highly unusual. By immoderate measures, a disconnect similar this, with Treasury yields climbing arsenic the cardinal slope lowers rates, hasn’t been seen since the 1990s.

  What the divergence indicates is simply a substance of heated debate. Opinions are each implicit the place, from the bullish (a motion of assurance that recession volition beryllium averted) to the much neutral (a instrumentality to pre-2008 marketplace norms) to the favourite culprit of the alleged enslaved vigilantes (investors are losing assurance the US volition ever rein successful the perpetually swelling nationalist debt).

  But 1 happening is clear: the enslaved marketplace isn’t buying President Donald Trump’s thought that faster complaint cuts volition nonstop enslaved yields sliding down and, successful turn, slash the rates connected mortgages, recognition cards and different types of loans.

  With Trump soon capable to regenerate Chair Jerome Powell with his ain nominee, connected apical of everything other is the hazard of the Fed squandering its credibility by caving to governmental unit to easiness argumentation much aggressively — which could backfire by fanning already elevated ostentation and pushing yields higher.

  ... The Fed started pulling its benchmark complaint down from a much than two-decade precocious successful September 2024 and has since chopped it by 1.5 percent points to a scope of 3.75% to 4%. Traders spot different quarter-point chopped aft the adjacent gathering connected Wednesday arsenic virtually assured and are pricing successful 2 much specified moves adjacent year, which would bring its complaint to astir 3%.

  Yet, cardinal Treasury yields — which service arsenic the main baseline for the borrowing costs paid by American consumers and corporations — haven’t travel down astatine all. Ten-year yields (^TNX) person risen astir fractional a percent constituent to 4.1% since the Fed started easing argumentation and 30-year yields are up implicit 0.8 percent point.

  Read much here.

• Silver hovers conscionable beneath grounds arsenic speech funds boost the precious metals price

  Bloomberg reports:

  Read much here.