Stock Street sways to a mixed close, but Treasury rates rise as Jerome Powell's hearing concludes.

 

The major U.S. market indices fluctuated between small gains and losses throughout the day, with the Dow registering a little loss and the Nasdaq joining the S&P 500 in positive territory at the close

On Wednesday, as a flurry of economic data appeared to support Federal Reserve Chairman Jerome Powell's reassertion in his second day of congressional testimony that the central bank would continue to ratchet up policy rates until inflation subsides, the S&P 500 ended an unresolved session with a nominal increase and Treasury yields tipped upward.

The major U.S. market indices fluctuated between small gains and losses throughout the day, with the Dow registering a little loss and the Nasdaq joining the S&P 500 in positive territory at the closing bell.

Shorter-dated The dollar's increase was halted as Treasury rates increased.

In his second day on Capitol Hill, Powell reiterated his hawkish message that key interest rates may be hiked more quickly than initially anticipated, but he emphasized that the decisions the central bank makes regarding its monetary policy are still based on evidence.

David Carter, managing director of JPMorgan Private Bank in New York, stated that the Fed had left the door open for further interest rate hikes yesterday and had not closed it today. It's unclear when the rate rise adventure will come to an end; even in a marathon, you know it's finished after 26.2 miles, but nobody knows where this finish line is or whether there is still a lengthy hill to climb.