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The Federal Open Market Committee now says the threat of recession outweighs the threat of inflation, setting the stage for a rate cut.
Monetary policymakers may skip a step toward lowering the fed funds rate. Or did they already take that step?
That the Fed is expected to start easing doesn't hurt, but that is fully discounted, bond pros say.
As expensive as bonds have become, traders are afraid to bet against them.
The apparent end of the presidential contest also brought out buyers, analysts said.
Trading is largely on hold ahead of the U.S. Supreme Court's ruling on the Florida recounts.
As hope fades that the Fed will lower interest rates imminently, short-maturity rates rise most.
For most of the session, rising wages and stocks weighed on bond prices.
The unemployment rate rose to 4% from 3.9%, but the pace of wage growth hit 4%, the fastest in nearly two years.