US stocks fall as bond yields rise
US stocks ended the session slightly lower on Tuesday, as government bond yields continued their ascent ahead of inflation and labour market data, while investors assessed comments from Federal Reserve officials for the path of interest rates. Longer-dated US Treasury yields rose, with the 30-year bond hitting 5.62 percent, its highest since June 2002. The yield on the benchmark 10-year Treasury bond climbed to 5.29 percent – its highest level since June 2007. Stocks pared declines, however, as yields eased from their earlier highs and shorter-duration yields were down on the day as oil prices retreated on signs of a recovery in exports from the Middle East and comments from Federal Reserve Bank of New York President John Williams. Williams said the US central bank has time to weigh the data before deciding when to hike interest rates again. Expectations for a rate hike of at least 25 basis points from the Fed at its October meeting declined to 51.5 percent, according to CME FedWatch, in the wake of Williams' comments, from nearly 70 percent earlier in the session. After retreating from highs at the start of the month, oil prices have accelerated higher in recent days as hopes that a US-Iran peace deal...
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