Stock Market Update

[BRIEFING.COM] Stocks have moved lower in recent trading.

Earlier, Fed Governor Bowman said in a speech "I would prefer to proceed cautiously in bringing the policy rate down to better assess how far we are from the end point." The market's rate cut expectations haven't changed much today, but has shifted from last week. The fed funds futures market now sees a 55.7% probability of a 25 basis points rate cut at December FOMC meeting versus a 82.5% probability a week ago, according to the CME FedWatch Tool.

The 10-yr yield is at 4.39% and the 2-yr yield is at 4.30%.