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The Treasury Department's use of short-term bills to finance government spending, along with the Federal Reserve's signal of more rate cuts in 2025, are keeping bond-market yields steady. And this should enable officials to finance the $1.8 trillion budget deficit for fiscal 2025, which ended Sept. 30.
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S&P 500, Nasdaq retreat from record highs: Live updates CNBCStock Market Today: Dow, Nasdaq Slip; Airline Stocks Rally on Delta Report — Live Updates The Wall Street JournalWall Street takes a pause as Tesla falls and Delta flies AP NewsStock Market Today: Dow, S&P 500 Open Up; Nvidia, AMD, PepsiCo, Delta, More Movers Barron's
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What began as a tech-driven rally has started to broaden out. According to some on Wall Street, that should help power indexes like the S&P 500 even higher.
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The food and beverage giant PepsiCo reiterated its full-year forecast.
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John Williams, president of the Federal Reserve Bank of New York, is primarily concerned with weakness in the labor market.
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Initial claims for unemployment insurance were expected to total 235,000 for the week ending Sept. 20.
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Minutes from the Federal Open Market Committee's May meeting show policymakers were unnerved by the lack of progress fighting inflation in the first quarter. A number of participants were unsure about how restrictive Fed policy actually is and how long it will need to stay there. Among the downside risks discussed by policymakers were unrealized losses on assets in the banking sector and geopolitical events that could push up commodity prices. The slowing in the pace of the Fed's balance sheet drawdown, or quantitative tightening, had near unanimous support.
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