Bonds & Stocks
Wall Street traders refrained from making big moves ahead of Federal Reserve Chair Kevin Warsh’s keynote speech on Friday, with stocks, bonds and the dollar wavering. The S&P 500 was little changed. The yield on 10-year Treasuries was little changed at 4.68%.
Economy
A chorus of investors is urging Federal Reserve Chairman Kevin Warsh to express a strong determination to deal with high inflation to boost the long end of the Treasury market. Showing a clear commitment to price stability in his Jackson Hole speech on Friday may trigger buying of 30-year bonds, whose yields hit the highest since 2007 last week.
World
OPEC’s decades-long hold over global oil markets is fraying again as founder member Venezuela becomes the second nation in a matter of months to consider an exit. Caraca’s deliberations on whether to leave the organization it helped create more than six decades ago, as it cleaves ever closer to the US.