"Fedspeak Sparks Rate-Cut Speculation, US Yields Plummet: Market Recap"

Treasury yields continued to decline as speculation grows that the Federal Reserve will not raise interest rates and may even cut them next year. Fed officials, including Governor Christopher Waller, have expressed confidence in the current policy stance and the ability to slow the economy and achieve 2% inflation. The dollar fell to its lowest level since August, while stocks saw modest gains. The S&P 500 is on track for one of its biggest November gains on record. Bitcoin climbed back above $38,000. The market is anticipating over 100 basis points of rate cuts by the end of 2024.