Mar 04 2017
"The main theme doing the rounds this week was the increasing hawkishness of Fed members, which clearly pointed to a rate hike in March", said TreasuryOne currency dealer Andre Botha. Fed fund futures contracts were quick to price in the commentary, with the odds of a March rate hike rising to 98%, the odds of a second rate hike in September rising to 76%, and the odds of a third rate hike this year in December rising to 56%.
MSCI's global stocks index was down 0.4 percent after touching an intraday record high.
The Dow Jones Industrial Average (.DJI) rose 2.74 points, or 0.01 percent, to 21,005.71, the S&P 500 (.SPX) gained 1.2 points, or 0.05 percent, to end at 2,383.12 while the Nasdaq Composite (.IXIC) added 9.53 points, or 0.16 percent, to reach 5,870.75.
Having priced in only around a 30 per cent chance that the Fed would move this month before the Fed comments, investors moved to price in around a 68 per cent probability of a March hike, according to Reuters data. The personal consumption expenditures price index, the Fed's favored measure of inflation, rose 1.9 percent in the 12 months ending in January, almost reaching the Fed's 2 percent inflation target.
On Wednesday two other fed reserve officials including New York Fed President William Dudley and San Francisco Fed chief John Williams who both gave positive comments on the next interest rate hike.
The U.S. dollar index (.DXY) fell 0.8 percent against a basket of six major currencies as investors took profits but it was still on track for its fourth straight weekly gain.
During her speech, Yellen outlined the Fed's policy strategy for much of the past decade, since the financial crisis and Great Recession.
"A stronger US dollar, after hawkish comment from the Federal Reserve's Dudley is also offering helpful weakness in the pound and euro to boost the FTSE and DAX".
"The dollar and yields are moving higher as next theme of the market, the "Fed" overrides the Trump effect".
U.S. Treasury prices also ended little changed after Yellen's remarks, with the 10-year yield ending up a basis point at 2.49% and the two-year yield lower by 3 bps at 1.29%; for the week, the 10-year yield jumped by the most since mid-November, and yesterday's two-year yield of 1.32% was the highest since 2009.
The decision helped French stocks, already doing well after strong earnings reports, climb 1.7 per cent to a 15-month high.
The hardening prospect of a U.S. rate rise this month together with some disappointing manufacturing data saw the pound weaken to six-month lows against the dollar today. On Friday, the kiwi dollar was down 0.41 percent. At the same time, a key measure of inflation has risen almost to its target rate of 2 percent, a low level that Fed experts say helps the economy grow.
In commodity markets, oil prices edged up as investors took heart from strict OPEC compliance with its pledge to cut output, though evidence of increasing US production capped gains.
Mar 04 2017
Dembele, Pulisic explain why they rejected Liverpool
Liverpool manager Jurgen Klopp has confirmed he has been in touch with stricken Borussia Dortmund star Mario Gotze. I knew about how Dortmund developed young players.
Mar 01 2017
Six Nations: England coach Eddie Jones blasts Italy's tactics
The initial reaction from World Rugby suggested that there would be no immediate reaction. We're full of respect for them today and they proved very hard to break down.
Feb 27 2017
NASA to put astronauts on deep space test flight, says report
The space agency's human exploration chief said today that his boss and the Trump administration asked for the feasibility study. NASA is investigating hardware changes associated with the system that will be needed if crew are to be added to EM-1.
Feb 26 2017
Baker Mayfield arrested for public intoxication, resisting arrest
According to the incident report, a Fayetteville officer was flagged down near the intersection of West and Dickson at 2:29 a.m. Mayfield is an early favorite to win the Heisman Trophy next season. "We don't have any other information at this time".
Feb 25 2017
Trump performing balancing act between supporting, ignoring Jewish interests
The United States should renew its commitment to the two-state solution and opposition to new Jewish settlements in the West Bank. Foreign policy analysts were quick to mock the poor guy for his obvious lack of knowledge: "One state - an impossibility".
Feb 25 2017
Trump Today: Pledging a 'massive' tax cut and ripping anonymous sources
He held strong on deporting undocumented immigrants who are criminals and building a border wall between the USA and Mexico. He blamed Obama for the "mess" he inherited and promised "to make it much better" when it comes to healthcare.
Feb 25 2017
OKC Thunder give Steven Adams help, trade for Taj Gibson?
Cameron Payne , Joffrey Lauvergne , and Anthony Morrow are the three players dealt to Chicago for Gibson and McDermott. The Oklahoma City Thunder is just hoping they're making their own captain happy enough to stick with the ship.
Feb 24 2017
Thousands furious over giraffe birth cam being shut down
Park officials ask that curious viewers and supporters not contact them Thursday, as the zoo has been inundated with messages. The park says YouTube chose to take down the feed briefly after animal rights extremists complained about it.
Feb 24 2017
Bye Bye, Bao Bao: Beloved Panda Cub Travels Back to China
Since she loves bamboo, they are going to take 50 pounds of it along with sweet potatoes and apples. Bao Bao is one of two pandas born at the zoo moved to China as part of an agreement.
Feb 23 2017
Galaxy Tab S3 leaked render shows up with keyboard cover
The Samsung Galaxy Tab S3 is also expected to be able to support an S Pen stylus, according to the same leaked manual . The keyboard resembles the black and whites of the iPad Pro, which would be a chicklet-style keyboard for the tablet.
Mar 04 2017House Republicans moving forward with 'secret' health care plan
Mar 03 2017US House panel to probe alleged Trump-Russia links
Mar 03 2017Google unveils playable ads for Android game developers and other tools
Mar 03 2017Truck goes airborne during high-speed chase in northwest Louisiana
Mar 03 2017Dow Jones Industrial Average tops 21000 for first time
Mar 02 2017How to Recharge and Subscribe to Jio Prime Plans
Mar 01 2017Trump's Cabinet Welcomes Another Billionaire Wilbur Ross
Feb 26 2017Batman V Superman is the big loser at the Razzies
Feb 24 2017Alaves hope to extend deal for Real Madrid midfielder Marcos Llorente
Feb 23 2017How to Impress Your New Boss If He's NBA Legend Magic Johnson
Mar 04 2017First image of Emily Blunt as Mary Poppins surfaces
Mar 04 2017Mexican congressman climbs U.S. border fence, says Trump's wall is 'totally absurd'
Mar 02 2017Trump presses reset button, strikes gentler tone in Congress address
Mar 01 2017Cassidy applauds Trump's order to eliminate Obama-era environmental rule
Feb 28 2017SpaceX announces plans to send two people around the moon in 2018
Feb 28 2017Le Pen blasts 'campaigning hysterically' media as Macron jumps in French polls
Feb 27 2017The People's Court Judge Joseph Wapner Dead at 97
Feb 27 2017Ibrahimovic scores Man Utd's victor in League Cup final
Feb 26 2017Ex-labor secretary Tom Perez elected DNC chair
Feb 25 2017Zimbabwe President Robert Mugabe turns 93 with lavish birthday party
Feb 24 2017Giraffe LIVE webcam back on Youtube after being taken down
Feb 23 2017United States stocks retreat from records ahead of Fed minutes