Shares of power producers ticked down as Treasury yields recouped some of their recent losses.
Investors may be reconsidering wagers that the Federal Reserve was done with interest-rate increases. “There’s no pressure for them to raise, but that doesn’t mean there’s no reason for them to,” said Oliver Pursche, senior vice president at financial advisory Wealthspire. “Jerome Powell has been very clear as have several other members of the (Federal Open Market Committee). They’re looking back at the early- to mid-80s when, at the time, the Fed took its foot off the pedal too soon … they’ve said they’re prepared to overstep, and would prefer overstepping on rate hikes as opposed to stopping too soon.”
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