Powell's speech, Treasury yields, SPR refill - what's moving markets

Investing.com -- U.S. Treasury yields soar to the highest levels since the financial crisis after a speech by Fed chair Jerome Powell, dragging stocks lower. Crude rises as the U.S. looks to refill its strategic reserves, while U.K. retail sales slumped in September.

"We will make decisions ... based on the totality of the incoming data, the evolving outlook, and the balance of risks." And these yields don’t look likely falling too much going forward as the supply of U.S. Treasuries can only increase with U.S. President Joe Biden asking Americans to spend billions more dollars to help both Israel and Ukraine.

"Retailers reported that the fall over the month was because of continuing cost of living pressures, alongside the unseasonably warm weather reducing sales of autumn-wear clothing," the Office for National Statistics said. This would likely exacerbate the country's real estate crisis and could delay the prospect of a recovery of the wider Chinese economy.Crude prices rose Friday, on track for weekly gains given the heightened geopolitical tensions in the Middle East as well U.S. plans to begin refilling its strategic oil reserves.Both contracts are on course for a second consecutive positive week, with gains of between 1.5% and 2.

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