The Nasdaq led gains on Friday, but the major stock indexes were on track for sharp monthly and quarterly losses on the final trading day of September.
This week the yield on 10-year Treasuries hit levels not seen in more than 15 years, climbing above 4.6%.
The yields carry massive importance in the US economy, closely watched as a benchmark for borrowing costs for households and corporations. They also help determine the value of other assets, influencing where investors put their money. Yahoo Finance's explainer on bond yields can be foundAs investors decide where to put their money, bonds with higher yields provide an alternative to stocks, especially during times of volatility.
and the central bank's ability to engineer a soft landing. What's more, outstanding questions remain over whether the COVID era will usher in a period where higher rates are the norm in order to keep inflation and unemployment stable over time.Inflation as measured by the Federal Reserve's preferred gauge grew at its slowest pace since September 202,showed. The cooling has spurred bets that policymakers won't hike US interest rates again this year.
The Personal Consumption Expenditures Index was up 3.5% year-on-year in August, up from 3.4% the month prior and in line with expectations, Yahoo Finance's reports."Core" PCE, which excludes the volatile food and energy categories, grew 3.9%, down from July's 4.1% reading and in line with what economists surveyed by Bloomberg had expected.Core PCE is the inflation measurement most often mentioned by Fed Chair Jerome Powell, who noted last Wednesday that inflation remains"well above our longer-run goal of 2%."
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