U.S. yields rise before Yellen speech, two-year supply

US STOCKS-Wall St slips on mounting N. Korea tensions

USA gold futures for December delivery settled down $13.90, or 1.07 percent, at $1,287.80 per ounce.

The Atlanta Federal Reserve Bank's new president, Raphael Bostic, said recent weak inflation probably means labor markets are still healing from the 2007 to 2009 financial crisis, and he would want "clear evidence" prices were firming before committing to another interest rate increase.

Yellen's latest intervention acknowledged the limits of economic forecasts of inflation, with an nearly one-in-three chance that inflation could be more than one percentage point away from the Federal Reserve's two per cent target in a year's time. The Russell 2000 index of smaller-company stocks gained 4.91 points, or 0.3 percent, to a record 1,456.86.

The US dollar index posted a rise by 0.40 percent to 93.04 at 18.20 GMT.

Investors have also scrambled to cover their short dollar bets fueled by a rise in US yields.

The greenback is also benefiting from talk that USA tax reform announcements are imminent.

The tax reform speech by U.S. president Donald Trump in Indianapolis later on Wednesday - of which he had promised "the largest tax cut in the history of our country" - will be closely watched by investors given its possible repercussions for the dollar.


Evans' view appears to be in the minority at the Fed, where decisions on the appropriate level of interest rates are made every six weeks or so.

Stocks barely moved today as an early rally was snuffed out by a hawkish speech from Federal Reserve Chair Janet Yellen.

-Spanish Prime Minister Mariano Rajoy will meet U.S. President Donald Trump in Washington Tuesday while his team back in Madrid attempts to turn the screws on a secessionist push in Catalonia.

The dollar climbed half a percent on Wednesday against a broad basket of currencies as optimism about USA fiscal reforms and hawkish talk from the central bank pushed bond yields higher. Speaking at the National Association for Business Economics annual meeting Tuesday, Yellen indicated a gradual increase was likely the right path for interest rates.

U.S. Treasury yields extended their rise in European trade, with 10-year yields hitting an eight-week high of 2.30 percent US10YT=RR . The S&P 500 closed a fraction of a point higher at 2,496.84, with eight of the 11 main sectors ending lower.

-The MSCI Emerging Market index sank 0.8 percent to the lowest in more than a month. German 10-year benchmark yields rose 6 basis points to 0.47 percent. The euro fell to $1.1788 from $1.1791. ICE Brent crude for November settlement fell 87 cents, or 1.5%, to $58.15 a barrel.

The greenback broke out to over a 2-month high of Y113.229 against the Japanese Yen Wednesday morning, but has since pulled back to around Y112.700.

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