- The stock market was under pressure once more, with Treasuries signaling growing concern about a US economic downturn in the face of aggressively tight Fed policy.
- The S&P 500 fell for the fifth time in a row, closing near its 100-day moving average in a session marked by unnerving swings in both directions. Bond traders were gripped by recession fears, with a key segment of the yield curve reaching a four-decade extreme. Treasury 30-year yields have fallen to their lowest level since September.
- A measure of labor cost growth bolstered the narrative that has benefited Treasuries over the last month - That inflation has peaked. Meanwhile, mortgage rates fell for the fourth week in a row, the longest such streak since May 2019, as the Fed signaled that it will soon slow the pace of tightening.
