Wall Street keeps swinging amid fears about rates, economy

Stocks nevertheless zoomed higher Wednesday afternoon, after latching onto a sliver of hope from Federal Reserve Chair Jerome Powell’s comments following the latest rate increase. He said the Fed was not “actively considering” a jump of 0.75 percentage points at its next meeting, something markets had earlier seen as a near certainty.

That may be why stocks continued to falter on Friday, after data showed hiring is still strong and pressure remains high on companies to raise pay for workers.“These data do not change the outlook for Fed policy; the rates trajectory remains upward in the near term,” Rubeela Farooqi, chief U.S. economist at High Frequency Economics, wrote in a note.

The two-year Treasury yield, which moves more on expectations for Fed policy, slipped to 2.69% from 2.71% late Thursday. It was close to 2.77% earlier in the morning.

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