Globally market put off bets against the nominee for the next Federal Reserve’s chair after President Joe Biden nominated Jerome Powell to lead the Federal Reserve for a second term.
Following the nomination, the market anticipates FED is likely to increase interest rate sooner. Treasury yield immediately jumped with the 10-year yield surged above 1.6% aiding to the banking stocks in the U.S.
The bet on interest rates increase also favored the dollar.
S&P 500 ended lower while the Nasdaq slipped to negative territory following the announcement.
