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Stocks hit fresh record, dollar weakens to lowest in three years amid Fed worries ReutersPound hits near 4-year high as Trump rattles dollar BBCTrump's war against Fed Chair Jerome Powell is crushing the value of the U.S. dollar FortuneRon Insana: Trump would imperil more than just the Fed's independence by naming a ‘shadow chair' CNBCWhat the U.S. Dollar's Dip Means For You Time Magazine
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Stock Market News June 26, 2025: S&P 500, Nasdaq Rise, Closing Near Record Levels WSJStock market today: S&P 500 has record in sight, Dow and Nasdaq climb as stock rally continues Yahoo FinanceUS market updates: Stocks near record highs as investors bet on Fed rate cut - as it happened ReutersThe S&P 500 just ended the day inches away from completing a $9.8 trillion roundtrip. Here's what's going on CNN
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Wednesday's selling carried into Thursday as investors continued to take a risk-off approach to markets following the Federal Reserve's latest policy announcement.
The central bank issued its third jumbo-sized rate increase yesterday and set expectations that it will continue to hike rates over its next few meetings. However, the Fed is not alone in its aggressive stance. Several global central banks have increased their benchmark rates this week in an ongoing effort to tame inflation, including the Bank of England and Switzerland's National Bank, which earlier today issued 50 basis point and 75 basis point rate hikes, respectively. (A basis point is one one-hundredth of a percentage point.)
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"Global equities are struggling as the world anticipates surging rates will trigger a much sooner and possibly severe global recession," says Edward Moya, senior market strategist at currency data provider OANDA. "Most of these rate hikes around the world are not done yet which means the race to restrictive territory won't be over until closer to the end of the year."
The reaction here at home was a selloff in bond prices, which sent yields on government notes spiking. The 10-year Treasury yield surged 19.2 basis points to 3.704% - its highest level since early 2011 - while the 2-year Treasury yield spiked 12.1 basis points to 4.116%, its loftiest perch since late 2007.
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As for stocks, the tech-heavy Nasdaq Composite
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Stocks and bonds are rising on bets the Fed has ended its interest-rate increases, worrying investors who believe the central bank could upend those expectations later this year.
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