Bonds & Stocks
The advance in stocks kept rolling on, with traders wading through remarks from a slew of Federal Reserve speakers ahead of next week’s key inflation data. The S&P 500 topped 5,230, just a few points away from its all-time high of 5,254.35. The Dow Jones Industrial Average climbed for an eighth straight day — the longest winning run since December. Treasury 10-year yields advanced three basis points to 4.48%.
Economy
The Federal Reserve is likely still on track to lower interest rates this year, though the timing and extent of the cuts are uncertain, Atlanta Fed President Raphael Bostic tells Reuters in an interview. Bostic still sees only a single quarter-percentage-point cut likely coming late this year.
World
President Joe Biden’s administration is poised to unveil a sweeping decision on China tariffs as soon as next week, one that’s expected to target key strategic sectors with new levies while rejecting the across-the-board hikes sought by Donald Trump, people familiar with the matter said.