Long-term US bond yields hit six-month high

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Yields on long-term U.S. bonds rose again on Thursday, a day after Federal Reserve officials said they planned to cut interest rates next year much more slowly than expected.

The yield on the 10-year Treasury note, which moves inversely to its price, rose 0.09 percentage points to 4.59 percent, its highest level in more than six months, after jumping on Wednesday .

The dollar gained another 0.3% against a basket of its peers on Thursday, after reaching its highest level since November 2022 in the previous session.

The Fed cut interest rates by a quarter point on Wednesday, but unsettled investors after officials raised their inflation forecasts for 2025 and reduced their forecast for further rate cuts. It was the last meeting of central banks before Donald Trump takes office next month.

Fears of inflation slowing above 2% have led Fed officials to forecast just half a percentage point of cuts in 2025, down from one percentage point in their previous projections in September.

I think the market had anticipated that the Fed would cut rates, but also continue to give itself room to cut rates further next year, said Akshay Singal, global head of interest rate trading at short term at Citigroup.

Instead, the U.S. central bank changed significantly and gave itself more options to keep rates unchanged for a period of time to absorb any impact from looser fiscal policy, he said. added, predicting that hawkish rhetoric would continue to support the dollar.

Investors now believe there is about an 85% chance that the Fed will either refrain from cutting rates or cut them once or twice next year, according to CME Group data based on US dollar futures. federal funds.

The S&P 500 index was up 0.4 percent in afternoon trading on Wall Street, well below previous levels that had it up more than 1 percent. The main barometer of U.S. stocks fell nearly 3 percent on Wednesday, its biggest decline since August.

The tech-heavy Nasdaq Composite gained 0.3 percent after falling 3.6 percent on Wednesday. Six of the seven tech giants Apple, Microsoft, Alphabet, Amazon, Meta and Nvidia advanced. However, Tesla, which was boosted in part by co-founder Elon Musk's warm relationship with President-elect Trump, fell 2 percent after falling 8 percent in the previous session.

We've been so focused on Trump [in recent weeks] but for now, it almost seems to be returning to a Jay Powell-type stock market, said Jeff Weniger, head of equity strategizing at WisdomTree, referring to the Fed chairman.

The Fed's hawkish outlook ricocheted across markets in Europe and Asia on Thursday. Europe's benchmark Stoxx 600 index fell 1.5 percent and Britain's FTSE 100 fell 1.1 percent. Earlier, markets in India, Japan, South Korea and Hong Kong also closed in the red.

Emerging market stocks were also hit, with the broad MSCI EM index falling 1.2 percent.

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