Bond Yields Rebound, Stocks Finish with Modest Gains
Summary:
The Dollar closed with modest gains after Fed Chair Jerome Powell refrained from commenting on interest rates. Powell instead focussed his speech on the Fed’s independence.
Markets awaited the US CPI report, released early Friday (12.30 am) Sydney. The inflation number for December is expected to moderate on an annual basis to 6.5% from 7.1%.
US bond yields rebounded following their drop at the start of the week. The benchmark 10-year note finished with at 3.61% from 3.53% early yesterday. Two-year yields climbed 3 basis points to 4.24%.
A popular gauge of the Greenback’s value against a basket of 6 major currencies, the Dollar Index (DXY) rallied 0.24% to 102.93 (102.80). The Euro (EUR/USD) closed little changed at 1.0741 (1.0733).
The US Dollar grinded higher against the Japanese Yen (USD/JPY) to finish at 132.20 from its 131.85 open…
