Stocks around the globe were mostly lower this week following the conclusion of Federal Reserve Chair Jerome Powell’s semi-annual testimony to Congress. With inflation and rising bond yields top of mind, Powell reaffirmed the central bank’s commitment to near-zero interest rates and called the recent increase in bond yields “a statement of confidence” in a robust economic outlook. Internationally, stocks in Asia sold-off this week following Hong Kong’s announcement regarding an increased stamp-duty on stock trades. Oil prices continued to climb this week, with WTI Crude topping $63 a barrel amidst better-than-expected demand and subdued supply. On the data front, investors will keep an eye on jobless claims and durable goods orders slated for release on Thursday. In bonds, yields continued higher with the yield on the 10-year and 30-year Treasury notes trading around 1.41% and 2.27% respectively mid-week.
Sources: GSAM, CNBC, JPM, Bloomberg, FactorInvestor, OSAM
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