Mike McKee News
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The Federal Reserve probably won’t alter its strategy for $85 billion in monthly bond purchases even after a 175,000 gain in U.S. hiring last month exceeded economists’ forecasts.
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Treasuries dropped for a sixth straight week, the longest stretch of losses in four years, as U.S. payrolls swelled while the jobless rate rose, keeping alive bets the Federal Reserve will cut back on monetary stimulus.
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Treasuries fell for a sixth consecutive week as higher-than-forecast employment growth supported speculation the Federal Reserve will taper its bond- buying program with economic growth exhibiting momentum.
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U.S. stocks gained, sending the Standard & Poor’s 500 Index to the biggest two-day increase since January, and Treasuries fell after a better-than-estimated jobs report signaled the economy continues to expand. The dollar climbed and oil rose.
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American employers took on more workers than forecast in May as the world’s largest economy weathered the impact of higher taxes and federal spending cuts.
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Yields on Fannie Mae and Freddie Mac mortgage bonds that guide U.S. home-loan rates approached a 14- month high as May employment data failed to allay concern that the Federal Reserve will pare back its unprecedented stimulus.
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The Federal Reserve says it will keep buying bonds until the labor market has “improved substantially,” without defining the phrase. Officials may have adopted a threshold nevertheless, say two former Fed economists.
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U.S. high-yield funds recorded their biggest outflow on record this week, according to Bank of America Corp., as concern that the Federal Reserve may ease stimulus measures began to take hold.
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A gauge of U.S. corporate credit risk dropped the most in a month as May employment data allayed concern that the Federal Reserve will taper stimulus efforts that have bolstered credit markets.
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Bill Gross, manager of the world’s biggest bond fund, said the Federal Reserve is unlikely to reduce its asset purchases after the unemployment rate climbed from a four-year low in May.
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