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He suggested the more immediate reason for the unrest was less long-time grievances related to the Palestinian national cause and more Gaza's economic misery. "The protests are about money," said the Israeli official, speaking on condition of anonymity due to the topic's sensitivity. FRAGILE CEASEFIREA recent International Monetary Fund report said that for any stable long-term economic recovery in Gaza, "lifting of the blockade and easing of the Israeli-imposed restrictions are essential". With an official unemployment rate in Gaza of over 46%, Hamas itself has faced rumbling discontent over its economic management although for its part, the movement blames the Israeli blockade for the enclave's economic woes. Last month, Israel imposed a brief blockade on exports from Gaza after inspectors said they uncovered an attempt to smuggle explosives into the West Bank.

Persons: Gaza's, Al, Bassem Naim, Bilal Al, Najar, Bashir Al, Nidal al, James Mackenzie, Mark Heinrich Our Organizations: Hamas, West Bank, Monetary Fund, Unipal Company, Thomson Locations: Israel, GAZA, Gaza, Al Aqsa, Egypt, Jerusalem, Lod, Gaza's

Consumers are growing more pessimistic about future prospects for the economy, according to the latest survey from the Conference Board released on Tuesday. “Consumer confidence fell again in September 2023, marking two consecutive months of decline,” said Dana Peterson, chief economist at the business organization. “September’s disappointing headline number reflected another decline in the expectations index, as the present situation index was little changed. “Write-in responses showed that consumers continued to be preoccupied with rising prices in general, and for groceries and gasoline in particular,” Peterson added. “Consumers also expressed concerns about the political situation and higher interest rates.

Persons: ”, Dana Peterson, “, ” Peterson, “ Consumers, Kelly Mangold, Lisa Sturtevant Organizations: Conference, “, Federal Reserve, Census Bureau, U.S . Department of Housing, Urban Development, Real Estate Consulting, MLS, American Financial Corporation

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. "While the dot plots suggest upside risks to interest rates, we retain our expectations that the hike cycle is likely done and for the Fed not to raise rates again," Mark Haefele Chief Investment Officer, UBS Global Wealth Management, said in a note. Meanwhile, weak performance of recent listings after their debut highs has dampened hopes of a likely revival in the initial public offering market amid high interest rates and broader market declines. Arm Holdings also fell 3.0% to $51.3 premarket, nearing its IPO price of $51 per share while Instacart (CART.O) lost 1.4%. ET, Dow e-minis were down 188 points, or 0.54%, S&P 500 e-minis were down 34.75 points, or 0.78%, and Nasdaq 100 e-minis were down 160.75 points, or 1.06%.

Persons: Brendan McDermid, Mark, Ankika Biswas, Shristi, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, FedEx, Broadcom, Google, Dow, Nasdaq, Federal Reserve, Apple, Nvidia, Wall, UBS Global Wealth Management, Arm Holdings, Dow e, Marvell Technology, Marvell, Warner Bros Discovery, Paramount Global, Writers Guild of America, WGA, Thomson Locations: New York City, U.S, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. Rate-sensitive stocks including Tesla (TSLA.O), Meta Platforms (META.O), Amazon.com (AMZN.O), Alphabet (GOOGL.O), and Nvidia (NVDA.O) fell between 1.5% and 3.0% as the two-year and 10-year Treasury yields , scaled multi-year highs. The benchmark interest rate could be hiked one more time in 2023 to a peak range of 5.50%-5.75%, while monetary policy could stay tighter than was expected through 2024, the Fed's updated quarterly projections showed. Declining issues outnumbered advancers by a 7.06-to-1 ratio on the NYSE and by a 3.86-to-1 ratio on the Nasdaq. The S&P index recorded two new 52-week highs and 16 new lows, while the Nasdaq recorded seven new highs and 207 new lows.

Persons: Brendan McDermid, Sam Stovall, Stovall, Rupert Murdoch, Ankika Biswas, Shristi, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, FedEx, Broadcom, Google, Dow, Nasdaq, Federal Reserve, Nvidia, Semiconductor, Marvell Technology, SOX, Wall, Research, Arm Holdings, Dow Jones, Fox Corp, News Corp, NYSE, Thomson Locations: New York City, U.S, Philadelphia, New York, Bengaluru

☆ Opinion: It’s not just about its colonial past. Here’s what India’s possible name change is all about
▼ + stars: | 2023-09-20 | by ( Opinion Akanksha Singh | ) edition.cnn.com time to read: +8 min

The idea, we Indians were told each time, was to allow the nation to make a clean break once and for all with its colonial past. The question on the minds of many people who follow events in India, is why any name change would be needed. It’s an opportunity to double down on India’s Hindu identity, even in the name by which it is called. The debate is a live one, however: Some disagree, saying that no amendment to the constitution would be needed to change India’s name. Do the country’s Indian Institutes of Technology become BITs?

Persons: Akanksha Singh, Singh, Droupadi Murmu, Bharat, Narendra Modi’s, Bharat ”, Modi, It’s, Akbar, Deen Dayal, Modi’s, Rahul Gandhi, Reserve Bank of India –, I’ve, ” Encouragingly Organizations: BBC, Independent, South China Morning Post, CNN, Mumbai CNN, Modi’s Bharatiya Janata Party, BJP, Bharat, Reserve Bank of India, Institutes of Technology, India, United Nations Locations: Mumbai, South China, India, Calcutta, Kolkata, Bombay, Madras, Chennai, Allahabad, Manipur

☆ Bill Maher Says Show Will Return Despite Writers’ Strike
▼ + stars: | 2023-09-14 | by ( John Koblin | More About John Koblin | ) www.nytimes.com time to read: +1 min

“The writers have important issues that I sympathize with, and hope they are addressed to their satisfaction, but they are not the only people with issues, problems, and concerns,” he wrote. Tens of thousands of actors have been on strike for two months as well, the first time writers and actors have walked out at the same time since 1960. But over the past three weeks, bargaining has again stalled out, frustrating some big-name Hollywood showrunners in the process. More than 11,000 writers walked out in early May, arguing that their compensation levels and working conditions have deteriorated in the streaming era. The strike caused many talk shows to go dark, including “The Tonight Show,” “The Late Show With Stephen Colbert” and “Saturday Night Live.”

Persons: ”, “, Stephen Colbert ” Organizations: Labor, Hollywood, Writers Guild of America

Fed Chair Jerome Powell was almost brusque in his re-statement of the central bank's anti-inflation commitment at the annual Jackson Hole symposium on Friday. Tracking that rather than more-skittish policy rate futures would have proved a better guide to how subsequent months panned out and to the summer doldrums in bonds and stocks. And yet the September meeting could still be the 'big reveal' as it sees publication of the Fed's updated 'dot plot' that will likely show just where they then see the cycle crest. San Francisco Fed chart on dispersion of Fed rate projections by horizonSan Francisco Fed index of Fed uncertaintyACCIDENT OR DESIGN? As to whether the Fed is guiding everyone to safe and happy place, there continues to be sceptics about the 'soft landing'.

Persons: Jerome Powell, Jackson, that's, it's, Andrew Foerster, Zinnia Martinez, Bruce Kasman, Joseph Lupton Organizations: Federal, Reuters Graphics Reuters, Atlanta, San Francisco Fed, San, Fed, San Francisco, JPMorgan, Reuters, Thomson Locations: U.S, synch, San Francisco Fed

☆ The Outlook for the Economy Has Improved. And Yet.
▼ + stars: | 2023-08-18 | by ( Jeff Sommer | More About Jeff Sommer | ) www.nytimes.com time to read: +2 min

The U.S. economy continues to be buffeted, if not battered, by supply and labor shocks induced by the pandemic and by commodity shortages set off by Russia’s war with Ukraine. Oil prices have been rising again, partly because of restrictions on Russian oil, and partly because of voluntary production cuts by Saudi Arabia and other members of the OPEC Plus consortium aimed at squeezing more profits from fossil fuel. Furthermore, China’s slowdown is weighing on the global economy. Still, on the positive side, falling prices there can be expected to contribute, even if only marginally, to disinflation in the United States and elsewhere around the world. In addition, political polarization in the United States is beginning to dim the country’s financial luster.

Persons: Carl Hulse Organizations: OPEC Plus, Treasury, Fitch, reconvenes Locations: U.S, Ukraine, Saudi Arabia, disinflation, United States

☆ Padres, Blake Snell seek series win vs. Orioles
▼ + stars: | 2023-08-16 | by ( Field Level Media | ) www.reuters.com time to read: +3 min

August 16 - The San Diego Padres host the Baltimore Orioles on Wednesday night in the rubber match of a three-game series. Meanwhile, the story of the Orioles' season is resiliency, especially on the road. The Orioles are 10-6 in rubber games this season and 23-12-3 in series -- including 12-5-2 away from home. "We've done a good job all season putting losses behind us and focusing on the next game," Baltimore manager Brandon Hyde said. Right-hander Dean Kremer (11-4, 4.50 ERA) will start for the Orioles against Padres' left-hander Blake Snell (9-8, 2.63), who has the lowest ERA in the majors.

Persons: Jack Flaherty, Brandon Hyde, Gary Sanchez, Sanchez, Dean Kremer, Blake Snell, Snell, Kremer, Manny Machado Organizations: San Diego Padres, Baltimore Orioles, Orioles, Baltimore, Padres, San Joaquin Delta College, Los Angeles Dodgers, Southern California ., Thomson Locations: Baltimore, San, Stockton , Calif, Southern California, Southern California . Baltimore

☆ Pence Says Trump Pushed Him ‘Essentially to Overturn the Election’
▼ + stars: | 2023-08-03 | by ( Maggie Haberman | More About Maggie Haberman | ) www.nytimes.com time to read: +1 min

Former Vice President Mike Pence on Wednesday said that former President Donald J. Trump and his advisers had tried to get him “essentially to overturn the election” and that the American people needed to know it. The remarks, made in an interview with Fox News, are some of Mr. Pence’s most pointed to date about what he experienced in the weeks leading up to Jan. 6, 2021, when he presided over the congressional certification of Joseph R. Biden Jr.’s victory. And they came as Mr. Pence, who is trailing his former boss, the G.O.P. front-runner, in the Republican primary, has faced a slog in his attempt to get enough small-donor donations to qualify for the first Republican debate on Aug. 23. An adviser to Mr. Pence said he got more than 7,000 donations on Wednesday, the day after Mr. Trump’s indictment on charges of conspiring to overthrow the 2020 election.

Persons: Mike Pence, Donald J, Trump, Pence’s, Joseph R, Biden, Pence Organizations: Fox News, Republican

☆ Opinion: This throwback president is the kind of leader the GOP needs today
▼ + stars: | 2023-08-01 | by ( Opinion Reverend Dr. Russell J. Levenson | ) edition.cnn.com time to read: +7 min

But I now find that the GOP leadership of today is unrecognizable when compared to the party I supported enthusiastically during the presidencies of Ronald Reagan and George H.W. A GOP that once welcomed character, decency and morality is sinking quickly into an abyss. How unlike Bush is the severely morally challenged GOP of today, with failings that eclipse even those of former President Richard Nixon. Wallace asked McDaniel whether the Republican Party would have a problem nominating a presidential candidate who is under federal indictment or who is a convicted felon. McDaniel and many other top-tier Republicans have missed their moment to offer moral leadership.

Persons: Dr, Russell J, Levenson, Jr, George H, Barbara Bush, CNN —, Thomas Hardy’s, Russell Levenson, Gabriel Oak, Oak’s sheepdogs, Ronald Reagan, George H.W, George H.W . Bush, Bush, Richard Nixon, Donald Trump, —, Ronna McDaniel, Chris Wallace, Chris Wallace ”, Wallace, McDaniel, “ It’s, They’re, Trump, shrugged, Nixon, “, ”, Facebook Trump, It’s, hurtling, Bush — Organizations: St, Martin’s Episcopal, CNN, Republican Party, GOP, Democrat, Republican, Twitter, Facebook, —, Republicans Locations: Martin’s, Houston , Texas, George H.W .

☆ Biden says deal may be in offing with Saudi Arabia, provides no details
▼ + stars: | 2023-07-28 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +1 min

FREEPORT, Maine, July 28 (Reuters) - U.S. President Joe Biden said on Friday a deal may be on the way with Saudi Arabia after talks that his national security adviser had with Saudi officials in Jeddah aimed at reaching a normalization in relations between Saudi Arabia and Israel. "There’s a rapprochement maybe under way," Biden told contributors to his 2024 re-election campaign at an event in Freeport, Maine. Biden did not give details about the possible deal. New York Times columnist Thomas Friedman, in a piece published on Thursday, said Biden was considering whether to pursue a U.S.-Saudi mutual security pact that would involve Saudi Arabia normalizing relations with Israel. U.S. officials see a potential deal between Israel and Saudi Arabia as possible after the administration of former President Donald Trump reached similar agreements between Israel and Morocco, Sudan, Bahrain and the United Arab Emirates.

Persons: Joe Biden, Biden, Thomas Friedman, Jake Sullivan, Brett McGurk, Donald Trump, Trevor Hunnicutt, Steve Holland, Dan Whitcomb, Grant McCool Organizations: Saudi, New York Times, White House, Middle East, White, United, United Arab Emirates, Thomson Locations: FREEPORT, Maine, Saudi Arabia, Jeddah, Israel, Freeport , Maine, U.S, Saudi, White, Morocco, Sudan, Bahrain, United Arab

☆ Italy's luxury groups set aside rivalries to keep it local
▼ + stars: | 2023-07-14 | by ( Elisa Anzolin | ) www.reuters.com time to read: +5 min

SMALL MANUFACTURERS APLENTYItaly is home to thousands of small manufacturers that cover 50-55% of the global production of luxury clothing and leather goods, consultancy Bain calculates. LVMH announced in May it had taken a majority stake in Nuti Ivo Group, an Italian company that has specialised in making leather products since 1955. Kering managing director Jean-Francois Palus said the luxury group is increasingly looking to bring production in house. "Italy has not created a (major) luxury hub, but we have entrepreneurs who have the ability to activate the right relationships at the right time," said Stefania Lazzaroni, general manager at Italian luxury industry association Altagamma. "Italian groups are now more managerialised, more organised and also stronger, which makes them more open to thinking together," he said.

Persons: Luigi Fedeli e, Zegna, Gildo Zegna, Ermenegildo, Kering, LVMH, Jean, Francois Palus, It's, Chanel, Brunello, Stefania Lazzaroni, Prada, Roberto Costa, Bertelli, Elisa Anzolin, Silvia Aloisi, Keith Weir, Jane Merriman Organizations: France MILAN, Prada, Filati Biagioli Modesto S.p.A, Biagioli, Prada Group, Reuters, Bain, Group, Nazionale della Moda, Global Luxury Investment Banking, Citigroup, Thomson Locations: Italy, France, Italian, Monza, Milan, Filati Biagioli, Bertelli, Nuti

☆ DeSantis details hardline border plan, looking to compete with Trump
▼ + stars: | 2023-06-26 | by ( James Oliphant | ) www.reuters.com time to read: +4 min

National opinion polls show DeSantis trailing Trump by more than 20 percentage points. After touting his record as Florida governor for weeks on the campaign trail, DeSantis is slowly rolling out national policy programs. As part of his border plan, DeSantis would end so-called “catch and release” and would detain migrants crossing the border until their hearing dates; deny entry to any migrant at the border claiming political asylum; and tax remittances from migrants living in the country illegally to pay for the construction of a border wall. Trump has also pledged to end birthright citizenship and to continue the hardline immigration policies he instituted as president. While president in 2018, Trump said he planned to issue an executive order to limit birthright citizenship, but never followed through.

Persons: Ron DeSantis, Donald Trump, DeSantis, ” DeSantis, “, Trump, ”, Ammar Moussa, Joe Biden's, James Oliphant, Colleen Jenkins, Mark Heinrich Our Organizations: U.S, Trump, House, Energy, Democratic National Committee, Supreme, Democratic, Thomson Locations: Florida, Mexico, Eagle Pass , Texas, Rio Grande, DeSantis ’, Trump, United States, Texas, California, Massachusetts

☆ Gold prices edge higher as tepid dollar lifts appeal
▼ + stars: | 2023-06-26 | by ( ) www.cnbc.com time to read: +2 min

Gold prices edged higher on a weaker dollar, although bullion hovered close to three-month lows as traders assessed prospects that more interest rate hikes by the U.S. Federal Reserve were in the offing. Spot gold rose 0.2% to $1,925.78 per ounce by 0341 GMT. Bullion slumped nearly 2% in the previous week as hawkish comments from Fed officials suggested more rate hikes to bring down sticky inflation. Higher interest rates make non-yielding gold less appealing. San Francisco Fed Bank President Mary Daly said on Friday two more rate hikes this year are a "very reasonable" projection.

Persons: Bullion, Christopher Wong, Mary Daly, Wong Organizations: U.S . Federal, San Francisco Fed Bank, P Global Locations: Moscow, Russia

☆ Evercore: 16 stocks that will outperform as the market rally heads higher — and 5 warning signs that the momentum has finally run out
▼ + stars: | 2023-06-18 | by ( Mark Reeth | ) www.businessinsider.com time to read: +6 min

Evercore ISI's Julian Emanuel wrote that market momentum can continue despite the latest Fed news. And he wrote that the capitulation of record shorts in today's market is a warning sign as well. If they rise to over 300,000 a week and stay there, then today's momentum market might be coming to an end. "Timing whether this is the beginning, middle or end of a Momentum Market is extraordinarily difficult," Emanuel wrote. The 16 stocks Emanuel uncovered that could outperform as today's momentum market continues are below.

Persons: Evercore, Julian Emanuel, Emanuel, they'll, that's, Russell Organizations: Evercore ISI, Big Tech, Nasdaq, American Association of

☆ Take Five: Keep calm and raise rates
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +5 min

June 16 (Reuters) - The Bank of England is facing a stormy gilts market while Turkey's new governor is expected to ramp up rates sharply at central bank meetings in the week to come. Markets show traders are placing an almost one-in-five chance the BoE will raise rates by half a point next week, up from near zero at the start of June. Reuters Graphics2/ECONOMIC CHECK UPA raft of decidedly hawkish noises from big central banks - including the Fed - has once again raised questions about how much central bank tightening is accelerating a global slowdown. U.S. manufacturing contracted for a seventh straight month, as new orders continued to plummet amid higher interest rates. May's blockbuster employment report could also provide more leeway for the RBA to tighten rates further.

Persons: Antony Blinken, Kevin Buckland, Lewis Krauskopf, Amanda Cooper, Karin Strohecker, BoE, confab, Philip Lowe, Ajay Banga, Hafize Gaye Erkan, Tayyip Erdogan, Erdogan, Mehmet Simsek, Philippa Fletcher Organizations: Bank of England, U.S, Reuters, Reserve Bank of, Investors, Ukraine, Conference, New, Pact, World Bank, Thomson Locations: Beijing, London, Paris, Tokyo, New York, United States, Europe, Japan, U.S, Australia, China, Dnipro, Ukraine

This week it hit a six-month low on the dollar after surprise cuts to key China rates, putting the gap between 10-year sovereign yields in China and the U.S. at its widest since November. The position, with China's rates below those in the United States , is the reverse of more than a decade of high-growth that saw China paying better yields than markets in the west. "The People's Bank of China's tolerance of currency weakness ... also opens up room for further yuan weakness." Even if the Federal Reserve holds rates steady later on Wednesday, as expected, traders are braced for an extended period of elevated U.S. interest rates and, increasingly, for China to hold rates low or push them even lower. Analysts polled by Reuters expect the PBOC will cut the costs of medium-term loans on Thursday and many market watchers expect a benchmark lending rate cut next week.

Persons: hasn't, Morgan, J.P, Tommy Xie, Kiyong Seong, Winni Zhou, Brenda Goh, Tom Westbrook, Kim Coghill Organizations: Bond, People's Bank, People's Bank of China, Federal Reserve, Reuters, Authorities, OCBC Bank, Societe Generale, Thomson Locations: SHANGHAI, SINGAPORE, China, U.S, Beijing, United States, Asia, Shanghai, Singapore

☆ Hollywood Directors Reach Deal With Studios as Writers’ Strike Continues
▼ + stars: | 2023-06-04 | by ( John Koblin | ) www.nytimes.com time to read: +1 min

The entertainment industry will be looking closely at what the directors’ deal — and the actors’ negotiations — will mean for the Writers Guild of America, the union that represents the writers. More than 11,000 writers went on strike in early May, bringing many Hollywood productions to a halt. Over the last month, the writers have enjoyed a wave of solidarity from other unions that W.G.A. Whether a directors’ deal — or a possible actors’ deal later this month — undercuts that solidarity is now an open question. “Our position is clear: To resolve the strike, the companies will have to negotiate with the W.G.A.

Persons: —, ’, “, It’s gaslighting Organizations: Writers Guild of America

CNN —South Carolina Sen. Tim Scott on Monday will formally enter the Republican presidential primary as he seeks to upend a contest that has so far been dominated by coverage of former President Donald Trump and Florida Gov. The most prominent Black figure in the Republican Party, Scott will address supporters at his alma mater, Charleston Southern University, in his hometown of North Charleston. In 2010, he became the first Black Republican elected to the US House of Representatives from South Carolina in more than a century. Years later, after being appointed to his Senate seat (he won a special election to retain the seat), Scott made history as the first Black US Senator from his native South Carolina. “We know how dangerous Tea Party extremist Tim Scott is,” South Carolina Democratic Party chair Christale Spain said in a statement.

☆ Arizona voters sent a billion dollar message to their NHL team last night: We're not that into you
▼ + stars: | 2023-05-17 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +4 min

Tempe voters rejected a referendum that may decide the future of Arizona's NHL team. The Arizona Coyotes, which are currently playing in a college arena, are grasping for answers. "We are very disappointed Tempe voters did not approve Propositions 301, 302, and 303. For the time being, the Coyotes have played in Arizona State's hockey arena, sharing space with the college team. As for the team's future, if history is any indication this setback could finally send the team out of Arizona.

☆ Morning Bid: RBA shock hike starts huge week for central banks
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Asia markets correspondent Kevin Buckland. The Reserve Bank of Australia kicked off a string of major central bank meetings this week by surprising markets with a quarter-point rate hike, when most had been positioned for a pause. The debate among policy makers is whether to opt for another half-point hike or slow to a quarter-point pace. The Fed, meanwhile, is widely expected to hike rates by a final quarter point and then signal a pause. Money markets are still betting on a Fed rate cut before the end of the year.

The central bank said its policy stance remains focused on "withdrawal of accommodation", signalling it could consider further rate hikes if necessary. The monetary policy committee (MPC), comprising three members from the central bank and three external members, retained the key lending rate or the repo rate (INREPO=ECI) at 6.50%. Most analysts had expected one final 25 basis point hike in the RBI's current tightening cycle, which has seen it raise the repo rate by a total 250 bps since May last year. The central bank sees inflation at 5.2% in 2023-24, and GDP growth is seen at 6.5% in the financial year beginning April 1. Reuters GraphicsFinancial stability concerns appear to have prompted the pause in rate hikes, said Aditi Nayar, chief economist at rating agency ICRA.

☆ Instant View: Here’s what experts think of India's surprise rate decision
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +16 min

The monetary policy committee (MPC) retained the key lending rate or the repo rate (INREPO=ECI) at 6.50% in a unanimous decision. With the likely softening of CPI to the low- to mid-5% levels in the coming month, the current repo rate of 6.5% implies that India’s real policy rate will hover around 1% during 2023-24, while maintaining a policy rate differential of about 1.5% with the US. Room for additional rate hikes has been retained with MPC’s policy stance continuing to remain unchanged at ‘withdrawal of accommodation’. We believe the bar for future rate hikes has increased, especially since near-term prints of CPI will be sub 6%. Scope for further hikes is limited given our growth-inflation outlook and impact of the past rate hikes on the same.

The Fed's policy-setting committee raised interest rates by another quarter of a percentage point in a unanimous decision on Wednesday, lifting its benchmark overnight interest rate to the 4.75%-5.00% range. Fed officials still feel that "some additional policy firming" may be needed, and they penciled in one more quarter-of-a-percentage-point rate increase by the end of the year. The yield on the 2-year Treasury note , which is highly sensitive to Fed rate expectations, was down more than 21 basis points in the session. Financial markets went a step further, betting that the Fed won't raise rates any further from here and will be reducing them by this summer. "The Fed has been spooked by Silicon Valley Bank and other banking turmoil.

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