Stock Market Update

[BRIEFING.COM] Markets are consolidating their tariff-pause jump following the release of the FOMC's Minutes from the March meeting which showed that participants generally saw increased downside risks to employment and economic growth and upside risks to inflation while indicating that high uncertainty surrounded their economic outlooks.

Currently, the S&P 500 (+7.44%) is in second place, up now about 370 points.

Other important points from the Minutes included: In their discussion of inflation developments, participants noted that inflation had eased significantly over the past two years but remained somewhat elevated relative to the Committee's 2 percent longer-run goal. Some participants observed that inflation data over the first two months of this year were higher than they had expected. Also, various participants commented that high uncertainty had the potential to damp consumer spending as well as business hiring and investment activities or that inflation was likely to be boosted by increased tariffs.

Some participants observed, however, that the Committee may face difficult tradeoffs if inflation proved to be more persistent while the outlook for growth and employment weakened. Several participants emphasized that elevated inflation could prove to be more persistent than expected.

Yields have held firm compared to their pre-Minutes levels, the yield on the benchmark 10-yr note now up about nine basis points at 4.396%.