Bonds & Stocks
A renewed spike in oil prices combined with data showing labor-market resilience lifted Treasury yields as stocks fell amid reduced odds of Federal Reserve rate cuts. The slide in bonds put two-year yields on pace for their biggest four-day surge since October 2024. The S&P 500 fell 0.4%. The yield on 10-year Treasuries advanced four basis points to 4.14%.
Economy
US initial jobless claims remained at a level of 213,000 in the week ended Feb. 28 after a small upward revision in the previous week, compared with expectations for a level of 215,000 in survey of analysts compiled by Bloomberg.
World
China set its most modest growth target since 1991, a tacit acknowledgment that the model powering the country’s economic rise is showing strains. The goal — a range of 4.5% to 5% — is the first formal downgrade since 2023.