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Stocks rose as investors believe the Trump administration will avoid escalating its trade war with China this weekend. The meeting between Trump and XI in Japan looms as a key event for markets with reports about a tariff pause contrasting with President Trump’s repeated threats of more duties. In addition, investors are keeping an eye on monetary policy and expectations that central banks will cut rates to counter signs of a slowing global economy.
Bond prices are relatively flat, and the 10-Year Treasury is yielding 2.03%. Powell’s comments seemed to have moved the Fed away from a guaranteed rate cut. With a strong GDP number, there is not a significant reason to cut rates. Despite strong GDP, U.S. jobless claims increased to its highest level in seven weeks. Jobless claims rose by 10,000 to 227,000 last week. This can be seen as a possible sign of strains in the labor market that should factor into the Feds decisions concerning rate cuts.