Stocks Rebound as Warsh Strikes Cautious Tone on Rates
Dow Jones03:02
Federal Reserve Chairman Kevin Warsh has said repeatedly in today's press conference that interest rates have already gone up in recent months because Treasury yields have climbed.
The market's takeaway from that message is: Warsh is in no rush to raise the short-term rates that the Fed actually controls. As a result, stocks have rebounded and Treasury yields-which are heavily influenced by expectations for future short-term rates-have dropped.
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