The benchmark 10-year Treasury note yield hit a high of 4.34%, reaching its highest level since November 2007.
Powell will likely focus on short-term monetary policy in Wyoming, Allianz economist says
Federal Reserve Chair Jerome Powell may not focus on what's best for him in his remarks from Jackson Hole, Wyoming, later this week, according to Mohamed El-Erian, Allianz chief economic advisor. "What's likely is that he's probably going to talk about short-term monetary policy issues," El-Erian said on"I don't think that's the best thing to do, because it is a very delicate situation right now."
Still, El-Erian said the central bank leader could be helped given the"target-rich environment," adding that there's"a lot" he can talk about.HSBC reiterated a buy rating on the semiconductor stock and increased its target price. The analyst's new forecast implies more than 80% upside from Friday's close.
"Although market expectations have clearly risen for Nvidia and the overall AI supply chain, we expect bullish AI server momentum continued to surpass market expectations," analyst Frank Lee said in a Monday note."We continue to see strong demand that continues to outpace supply, especially with regard to AI GPU shipments."
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