Wall Street traders refrained from making big bets ahead of Jerome Powell’s testimony and Friday’s jobs data. The euro fell as the European Central Bank kept rates steady and lowered its inflation forecasts.
Stocks saw small gains, while bond yields edged lower after jobless claims held at the historically low level of 217,000 — with investors now gearing up for the final payrolls report before the Federal Reserve decision. Traders will once again be glued to their screens as they await to hear further insights from the Fed chief, who signaled Wednesday no rush to ease policy.
Following the ECB decision that bolstered bets on a rate cut in June, central bank chief Christine Lagarde said the economy is weak and risks to growth remain tilted to the downside.
“The ECB is inching closer to the first rate cut,” said Mark Wall at Deutsche Bank AG. “It won’t surprise the market that the ECB is taking a meeting-by-meeting, data-dependent approach.”
S&P 500 contracts signaled the benchmark gauge will extend its advance above 5,100. US 10-year yields fell three basis points to 4.07%. The euro dropped 0.2% and German bonds extended gains. Speculation surged that the Bank of Japan will move this month to hike for the first time since 2007, after a flurry of reports and wage figures helped drive the yen higher.
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