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Wall Street slips after Jerome Powell sees strengthening economy

In his prepared remarks, Powell had hinted that the central bank would stick to its current path of gradual rate hikes

Wall Street Slips


Wall Street's main indexes fell in choppy trading on Tuesday as U.S. bond yields rose after new Fed Chairman Jerome Powell said the economy was strengthening and that inflation would rise. Following his comments, traders of U.S. short-term interest rate futures began pricing in a higher chance of a fourth rate hike this year, based on a Reuters analysis. The benchmark U.S. 10-year Treasury yields rose to a session high of 2.914 percent. "Pretty much the market is going to be fluttering back and forth in both directions based on things he says today, so it doesn't ...

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First Published: Tue, February 27 2018. 22:27 IST