GLOBAL MARKETS-Stocks fall, 2-year yields soar with rates, economy in focus
Wall Street indexes followed European stocks lower on Friday and short-dated Treasury yields soared while the dollar rose as investors braced for a U.S. interest rate hike next week and grew alarmed at signs of a global economic slowdown. Souring the mood was a warning from FedEx Corp late on Thursday that a global demand slowdown accelerated at the end of August and was on pace to worsen in the November quarter, causing it to withdraw its financial forecasts. The FedEx warning "set the tone for people being forced to take on board what they had been reluctant to take on board all along - that rates will be higher for longer," said Steven Ricchiuto, U.S. chief economist at Mizuho Securities USA.
Published:9/16/2022 10:13:24 AM