U.S. stocks rose on Friday as Treasury yields took a breather from a week-long rally.
the impact of higher rates on the economy might only begin to "bite" in earnest this spring, an argument for the Fed to stick with "steady" quarter-point rate increases.
Hawkish comments from Fed policymakers and recent economic data have pushed traders to price in at least three more 25 basis point rate hikes this year and see interest rates peaking at 5.43% by September from the current 4.66%. The odds of a bigger 50 basis point rate hike in March stood at just 20% but investors are awaiting monthly payrolls and consumer prices data to see if the Fed will go big later this month.
The Institute for Supply Management's survey, due at 10:00 a.m. ET, is expected to show that a gauge of services sector activity in February eased to 54.5 in February from 55.2 in January. Central bank officials including Bostic and Fed Dallas President Lorie Logan are scheduled to speak later in the day.
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