Dow as of 5/5/2022

Treasury yields snap back from two days of losses, with the 10-year rising 0.152 percentage point to 3.066%, its highest closing since November 2018. Year-to-date the yield is up 1.570 p.p. Spartan’s Peter Cardillo says in a note to clients that today’s rally “is mostly due to speculators betting against yesterday’s Fed Chief Powell’s remarks ruling out rate hikes” higher than half of a percent. “From years of experience Never Fight the Fed is likely to prevail this time as well,” Cardillo says, arguing that inflation is likely to peak