Equities rallied Tuesday after top Federal Reserve officials suggested the recent spike in US Treasury yields could act as a substitute for further interest rate hikes.
The big gains came as oil pared the previous day's surge, which had been fuelled by supply worries after Hamas launched a deadly weekend attack on Israel. Traders are hoping the crisis does not spread to the wider, crude-rich Middle East.
His comments echoed those of Dallas Fed President Lorie Logan, who suggested that if bond market costs were on the rise, that "could do some of the work of cooling the economy for us, leaving less need for additional monetary policy tightening". Minutes from the Fed's September policy meeting are due to be released Wednesday, while inflation figures are also set to be released.
And Alliance Securities' Andrew Brenner added: "The script has changed. The odds for another tightening have dropped dramatically since Friday." Oil prices rallied while the dollar and yen advanced Monday after Hamas launched a shock attack on Israel at the weekend,...
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