Credit Market Risk Eases as Powell Quells Future Rate-Hike Fears [BNN Bloomberg (Canada)]
BNP PARIBAS SPONS ADR (BNPQY)
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Source: BNN Bloomberg
The Federal Open Market Committee unanimously decided on Wednesday to hold interest rates steady for the sixth consecutive meeting, as anticipated. While a series of higher-than-expected inflation readings spurred traders to dial back wagers of rate cuts later this year, Powell isn't expecting further rate increases. “It's unlikely that the next policy rate move will be a hike,” Powell said in a press conference Wednesday. The spread on the Markit CDX North American Investment-Grade Index, which tracks price changes in the credit default swap market, tightened as much as 1.89 basis points to 51.932 basis points, before widening slightly. The narrower the spread, the less expensive it is, on average, to insure bonds against default. READ: Stocks Join Gains in Bonds After Fed Decision: Markets Wrap Markets interpreted Powell's speech as less hawkish, but policymakers were clear that while inflation has moderated, it is still too high for the committee to be certain about its pa
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