Stocks edged higher, but not by enough to keep Wall Street from closing out its first losing week in the last three.
Such data have pushed yields higher in the bond market, which hurts stock prices. But yields held relatively steady on Friday, helping to keep Wall Street quiet.The yield on the 10-year Treasury inched up to 4.26 per cent from 4.25 per cent late Thursday. The two-year Treasury yield, which more closely tracks expectations for the Fed, rose to 4.97 per cent from 4.95 per cent.
The company announced with Albertsons an agreement to sell some stores, private-label brands and other assets as they try to get approval from regulators for their proposed merger. Kroger also announced an agreement where it would pay more than $US1.2 billion to settle the majority of claims related to opioids that could be brought against it by states, subdivisions and Native American tribes.
High rates are supposed to slow the economy and hurt the job market, which should ultimately help undercut inflation. But the highest rates in more than two decades have yet to do that with great effect. The threat is that could push the Fed to raise rates again and at the very least to keep them high for longer than investors expect.
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