Bonds & Stocks
Wall Street is ending the week with stocks hovering near all-time highs as bets the Federal Reserve will remain on hold in September were reinforced by a decline in retail sales. The S&P 500 was little changed. The yield on 10-year Treasuries advanced one basis point to 4.65%.
Economy
Short-dated Treasuries rose after weak July retail sales data further eroded expectations for Federal Reserve interest-rate hikes in the coming months, which were already crumbling based on employment and inflation data. The gains briefly pushed the the US two-year yield below 4.10% to the lowest level since June 30.
World
The US will soon announce unprecedented economic measures against Iran, Treasury Secretary Scott Bessent said, intensifying the Trump administration’s effort to force Tehran’s capitulation after almost six months of war.