Bernanke Says Fed Could Pause Rate Hikes
The People’s Bank of China
raised its 1-year lending rate by 27bp overnight
(report).
The news led to selling in the US index futures early this morning. The Labor
Department reported Initial Jobless Claims rose last week, economists had been
expecting a much smaller rise (report).
However, the stock index
futures turned around after Fed Chairman Ben Bernanke said the Fed could pause
raising rates (report).
Bernanke’s comments caused treasuries to rally after yields hit multi-year highs
yesterday.
The US Dollar Index responded by falling, with the Dollar declining against all
the majors.
Crude Oil futures continue to slide
June Crude Oil futures fell for the fourth
consecutive day, closing at $70.97. Unleaded Gas and Heating Oil futures also
declined. Natural Gas closed at a new contract low.
Economic News
Weekly Initial Jobless
Claims Advance 11,000 To 315,000 (report)
Bernanke Says Fed Could Pause Rate Hikes (report)
China Raises Lending Rate To 5.85% From 5.58% (report)
For more reports and analysis go to our
Economic
News section.
Ashton Dorkins
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