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2021-11-30
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Stocks, Futures Drop as Virus Concerns Flare Again: Markets Wrap
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That stoked speculation that the strain could delay interest-rate increases.</p>\n<p>The 10-year Treasury yield fell back below 1.5%. Swap markets signal about two quarter-point Fed hikes for 2022, down from the three seen before omicron flared up. The yen jumped and the dollar slipped, while oil erased an advance and dropped.</p>\n<p>President Joe Biden cautioned Americans against panicking over the variant and said lockdowns won’t be necessary. Scientists are still evaluating the strain, which has already buffeted international travel and could add to inflation pressures if it exacerbates supply-chain disruptions.</p>\n<p>“We’ll get a new variant, we’ll get new waves but the market, and we all as investors, see how that might play out,” Jason Brady, president at Thornburg Investment Management, said on Bloomberg Television. “I’m much more interested in inflation and potentially rising rates causing some of the market leaders of 2020 and 2021 to falter a little bit more.”</p>\n<p>Powell, in prepared testimony released Monday, said the “recent rise in Covid-19 cases and the emergence of the omicron variant pose downside risks to employment and economic activity and increased uncertainty for inflation.”</p>\n<p>He didn’t discuss specific monetary policy actions or the possibility of changing the pace of the tapering of Fed bond purchases -- a key issue that other officials have flagged in recent remarks.</p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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