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Stocks pulled back Friday morning as bond yields reached higher. Mixed initial jobless claims data sent the 10-year Treasury yield to a seven-month high on Thursday.
Bond yields soared after the Fed's summary of economic projections and Powell's remarks indicated just two rate cuts in 2025. The 10-year Treasury yield spiked 10 basis points to 4.49%.
Producer prices rose 0.4% in November, higher than consensus estimates of 0.2%. Declines in Nvidia and Adobe stock weighed on the Nasdaq, while bond yields rose.
In commodities, bonds, and crypto: West Texas Intermediate crude oil dipped 1% to $71.03 a barrel. Brent crude , the international benchmark, was lower by 1.01% to $75.27 a barrel.
The price of a bond which includes this accrued interest is known as the "dirty price" (or "full price" or "all in price" or "Cash price"). The " clean price " is the price excluding any interest that has accrued.
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Country Issuer Bond Type Currency Australia Office of Financial Management Treasury Indexed Bonds (TIBs) AUD ($) Canada Bank of Canada Marketable Bonds
Continuing on the example above, suppose now that the initial price of Alice's house is $100,000 and that Bob enters into a forward contract to buy the house one year from today. But since Alice knows that she can immediately sell for $100,000 and place the proceeds in the bank, she wants to be compensated for the delayed sale.