Stocks Stabilize, Treasury Yields Reach New Five-Month Highs

The Dow Jones Industrial Average closed higher, while Treasury yields reached new five-month highs following remarks by Federal Reserve Chair Jerome Powell. Powell suggested that the central bank would likely delay interest rate cuts beyond its previous expectations. Stocks and bonds have experienced a downturn after the consumer-price index rose more than anticipated in March. This unexpected increase in inflation has weakened investors’ belief in future interest rate reductions.