Investors remained deluded that rate cuts hopes and a strong economic numbers can co-exist as equities had a relief rally due to Fed chair Powell saying rate cuts remain on the table for this year.
Equities had a broad-based sell-off overnight extending the poor start to the second-quarter, pressured by health care stocks and another big jump in Treasury yields amid remarks from several Federal Reserve officials reiterating the need to keep rates higher for longer.
Equities ground higher before the long weekend as PCE data came in higher than expected, Powell said the inflation number was “as expected” and Chinese Manufacturing data expanded for the first time in 6 months
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