(Bloomberg) — The stock market lost steam near record highs as traders braced for a barrage of economic data and remarks from Federal Reserve speakers that will help shape the outlook for interest rates.
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Wall Street is also keeping a close eye on how the market will manage to absorb heavy Treasury and corporate sales amid month-end positioning. US yields rose after Monday’s auctions of two-year and five-year government notes. Meantime, blue-chip companies in the US have sold a record $172 billion of bonds in February as they race to seize on investor demand amid a drop in borrowing costs.
As the economy comes back to the forefront, the Fed’s favored inflation gauge is projected to show the biggest increase in a year. Thursday’s core personal consumption expenditures price index will likely highlight the bumpy path the central bank faces in achieving its 2% target. Following a jump in both the consumer…
