The 5-year Treasury yield rose to 4.859%, the 10-year closed at 5.006% — its first close above 5% of this cycle — and the 30-year fell to 5.349%. The equity tape gave back a midday relief: the S&P 500 ETF closed at $754.05, its second close under Thursday’s $757.83; the software ETF fell a third day; gold was sold; the Magnificent Seven fund closed on i…
Rates — Numerator, Denominator: Why the Path Matters More Than the Level
The Federal Reserve raised rates on Wednesday, the first hike since 2023, and the wires read the statement and the press conference as a committee that intends to do it again.
