B10| Thursday, December 3, 2020 **** THE WALL STREET JOURNAL.
NetYTD
Fund NAV Chg %Ret
American Century Inv
Ultra 74.88 -0.21 43.6
American Funds Cl A
AmcpA p 38.75 +0.02 17.4
AMutlA p 44.38 +0.05 3.6
BalA p 30.59 +0.04 9.1
BondA p 14.15 -0.01 10.0
CapIBA p 62.54 +0.21 1.5
CapWGrA 57.67 +0.01 11.8
EupacA p 65.84 -0.07 18.3
FdInvA p 67.60 +0.20 11.5
GwthA p 67.25 -0.04 31.5
HI TrA p 10.03 +0.01 4.9
ICAA p 43.71 +0.07 12.3
IncoA p 23.45 +0.08 3.4
IntBdA p 14.23 ... 7.0
N PerA p 60.05 -0.02 27.1
NEcoA p 58.13 -0.06 27.1
NwWrldA 83.67 ... 18.6
SmCpA p 74.42 -0.15 26.5
TxExA p 13.58 +0.01 4.1
NetYTD
Fund NAV Chg %Ret
WshA p 50.19 +0.18 5.8
Baird Funds
AggBdInst 11.85 ... 7.9
CorBdInst 12.20 ... 8.0
BlackRock Funds
HiYBlk 7.72 +0.01 4.4
HiYldBd Inst7.71 +0.01 4.3
BlackRock Funds A
GlblAlloc p 21.78 -0.02 16.9
BlackRock Funds Inst
StratIncOpptyIns10.30 ... 6.0
Bridge Builder Trust
CoreBond 10.97 -0.02 7.7
CorePlusBond10.76 ... 8.4
Intl Eq 13.20 +0.02 10.1
LargeCapGrowth20.69 -0.06 30.7
LargeCapValue14.39 +0.09 6.6
Columbia Class I
DivIncom I 25.47 +0.03 5.9
Dimensional Fds
5GlbFxdInc10.89 ... 1.5NetYTD
Fund NAV Chg %Ret
EmgMktVa 27.71 +0.13 -1.4
EmMktCorEq23.13 +0.10 8.2
IntlCoreEq 14.12 +0.03 3.8
IntSmCo 19.61 +0.02 4.3
IntSmVa 18.63 +0.03 -3.4
LgCo 28.21 +0.05 15.5
TAUSCoreEq222.24 +0.04 11.7
US CoreEq128.79 +0.05 12.5
US CoreEq226.09 +0.05 11.5
US Small 36.28 +0.12 4.5
US SmCpVal32.90 +0.20 -3.6
USLgVa 37.06 +0.28 -2.3
Dodge & Cox
Balanced 104.89+0.80 6.6
Income 14.92 -0.01 8.7
Intl Stk 43.51 +0.36 -0.2
Stock 197.98+2.23 5.4
DoubleLine Funds
CoreFxdIncmI11.27 -0.01 4.7
TotRetBdI 10.69 ... 3.7
Edgewood Growth InstitutiWednesday, December 2, 2020Mutual Funds Fund NAV Chg %RetNetYTDFund NAV Chg %RetNetYTDFund NAV Chg %RetNetYTDFund NAV Chg %RetNetYTDFund NAV Chg %RetNetYTDFund NAV Chg %RetNetYTDFund NAV Chg %RetNetYTD
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets.
e-Ex-distribution.f-Previous day’s quotation.g-Footnotes x and s apply.j-Footnotes e
and s apply.k-Recalculated by Lipper, using updated data.p-Distribution costs apply,
12b-1.r-Redemption charge may apply.s-Stock split or dividend.t-Footnotes p and r
apply.v-Footnotes x and e apply.x-Ex-dividend.z-Footnote x, e and s apply.NA-Not
available due to incomplete price, performance or cost data.NE-Not released by Lipper;
data under review.NN-Fund not tracked.NS-Fund didn’t exist at start of period.EdgewoodGrInst53.01 +0.09 37.6
Fidelity
500IdxInstPrem127.59+0.24 15.5
Contrafund K618.49 -0.06 27.8
ExtMktIdxInstPre78.95 -0.15 23.7
FidSerToMarket12.69 +0.01 16.9
IntlIdxInstPrem45.10 +0.08 5.0
MidCpInxInstPrem26.46 -0.03 12.6
SAIUSLgCpIndxFd19.71 +0.04 15.4
SeriesBondFd10.76 -0.02 7.1
SeriesOverseas12.11 -0.04 12.3
SmCpIdxInstPrem23.41 +0.02 11.6
TMktIdxInstPrem105.61+0.13 16.9
USBdIdxInstPrem12.43 -0.02 7.2
Fidelity Advisor I
NwInsghtI 39.60 -0.10 21.1
Fidelity Freedom
FF2020 17.44 +0.01 10.9
FF2025 15.57 +0.01 11.5
FF2030 19.43 +0.02 12.2
Freedom2020 K17.43 +0.01 10.9
Freedom2025 K15.56 +0.02 11.6
Freedom2030 K19.42 +0.02 12.3
Freedom2035 K16.57 +0.03 13.3
Freedom2040 K11.70 +0.02 14.1
Fidelity Invest
Balanc 27.79 +0.04 18.6
BluCh 159.59 ... 54.5
Contra 17.61 -0.07 29.3
ContraK 17.65 -0.06 29.4
CpInc r 10.62 +0.02 7.7
DivIntl 46.37 -0.11 14.5
GroCo 34.46 -0.12 61.3
GrowCoK 34.54 -0.12 61.5InvGrBd 11.83 -0.02 8.9
LowP r 49.21 +0.14 5.6
Magin 12.72 -0.06 24.7
OTC 16.97 ... 41.4
Puritn 26.03 -0.01 18.1
SrsEmrgMkt24.32 +0.08 17.9
SrsGlobal 14.08 +0.03 6.9
SrsGroCoRetail28.98 -0.10 63.3
SrsIntlGrw 19.99 -0.01 14.1
SrsIntlVal 10.10 +0.03 2.0
TotalBond 11.25 -0.01 8.4
Fidelity SAI
TotalBd 10.69 -0.01 8.0
Fidelity Selects
Softwr r 26.40 -0.17 37.3
Tech r 29.45 -0.01 54.0
First Eagle Funds
GlbA 59.90 +0.16 5.9
Franklin A1
CA TF A1 p 7.79 ... 4.6
IncomeA1 p 2.27 +0.02 2.2
FrankTemp/Frank Adv
IncomeAdv 2.25 +0.02 2.4
FrankTemp/Franklin A
Growth A p130.07-0.55 25.5
RisDv A p 78.22 -0.22 13.4
Guggenheim Funds Tru
TotRtnBdFdClInst30.15 -0.01 13.9
Harbor Funds
CapApInst112.26-0.39 48.2
Harding Loevner
IntlEq 27.30 +0.02 NA
Invesco Funds Y
DevMktY 51.36 -0.03 12.6JPMorgan I Class
CoreBond 12.43 -0.01 NA
EqInc 19.47 +0.04 NA
JPMorgan R Class
CoreBond 12.45 -0.01 NA
Lord Abbett A
ShtDurIncmA p4.20 ... 2.5
Lord Abbett F
ShtDurIncm 4.20 +0.01 2.6
Lord Abbett I
ShtDurInc p 4.20 +0.01 2.7
Metropolitan West
TotRetBd 11.66 -0.01 8.1
TotRetBdI 11.66 -0.01 8.4
TRBdPlan 10.97 ... 8.4
MFS Funds Class I
Growth I 162.58-0.65 27.9
ValueI 44.97 +0.11 2.2
MFS Funds Instl
IntlEq 30.00 +0.02 7.7
Old Westbury Fds
LrgCpStr 16.86 +0.01 11.9
Parnassus Fds
ParnEqFd 52.65 +0.09 18.7
PGIM Funds Cl Z
TotalReturnBond NA ... NA
PIMCO Fds Instl
AllAsset NA ... NA
HiYld 9.00 ... 4.0
InvGrdCrBd NA ... NA
ShortT 9.86 ... 2.5
TotRt NA ... NA
PIMCO Funds A
IncomeFd NA ... NAPIMCO Funds I2
Income NA ... NA
PIMCO Funds Instl
IncomeFd NA ... NA
Price Funds
BlChip 165.04-0.20 32.7
DivGro 58.81 ... 11.3
EqInc 31.24 +0.30 -0.6
EqIndex 97.66 +0.18 15.3
Growth 97.63 +0.01 33.1
HelSci 101.47+0.05 24.6
LgCapGow I59.66 +0.04 35.4
MidCap 113.35-0.44 18.9
NHoriz 88.59 -0.88 49.2
R2020 24.47 +0.03 10.8
R2025 19.91 +0.02 12.0
R2030 29.25 +0.04 12.9
R2035 21.66 +0.03 13.8
R2040 31.04 +0.06 14.7
PRIMECAP Odyssey Fds
AggGrowth r55.73 +0.14 24.1
Putnam Funds Class Y
StDurInc 10.10 ... 1.4
Schwab Funds
1000 Inv r 83.42 +0.11 17.2
S&P Sel 57.05 +0.11 15.5
TSM Sel r 65.40 +0.07 16.9
TIAA/CREF Funds
BdIdxInst 11.64 -0.02 7.0
EqIdxInst 27.31 +0.04 17.0
VANGUARD ADMIRAL
500Adml 339.51+0.64 15.5
BalAdml 43.94 +0.01 13.9
CAITAdml 12.36 +0.01 4.4CapOpAdml r188.16+1.08 19.3
DivAppIdxAdm37.68 -0.11 12.9
EMAdmr 40.29 +0.01 10.7
EqIncAdml 78.73 +0.41 1.5
ExplrAdml118.47-0.37 21.9
ExtndAdml117.38-0.22 23.8
GNMAAdml10.72 ... 3.5
GrwthAdml126.43-0.35 35.6
HlthCareAdml r94.81 +0.32 11.1
HYCorAdml r5.94 ... 4.3
InfProAd 28.27 +0.03 9.6
IntlGrAdml155.53+0.06 51.3
ITBondAdml12.62 -0.01 9.1
ITIGradeAdml10.68 -0.01 9.5
LTGradeAdml12.09 -0.06 14.5
MidCpAdml248.82-0.29 14.2
MuHYAdml11.90 +0.02 4.4
MuIntAdml14.81 +0.01 4.7
MuLTAdml 12.23 +0.02 5.6
MuLtdAdml11.25 +0.01 3.2
MuShtAdml15.94 ... 1.8
PrmcpAdml r163.59+0.97 13.5
RealEstatAdml119.59-1.02 -6.8
SmCapAdml87.97 -0.05 11.9
SmGthAdml86.91 -0.45 24.8
STBondAdml10.86 ... 4.5
STIGradeAdml11.00 ... 4.8
TotBdAdml11.60 -0.01 7.2
TotIntBdIdxAdm23.31 ... 3.9
TotIntlAdmIdx r31.60 +0.09 7.3
TotStAdml 92.09 +0.10 17.1
TxMCapAdml192.48+0.18 17.5
TxMIn r 14.83 +0.06 6.4
USGroAdml168.76-0.62 51.5ValAdml 45.83 +0.30 0.3
WdsrllAdml71.26 +0.31 11.2
WellsIAdml69.65 +0.06 7.6
WelltnAdml80.37 +0.08 9.3
WndsrAdml75.08 +0.58 5.0
VANGUARD FDS
DivdGro 33.33 -0.03 10.1
INSTTRF202026.50 +0.01 9.9
INSTTRF202527.41 +0.02 10.8
INSTTRF203027.96 +0.02 11.3
INSTTRF203528.50 +0.03 11.8
INSTTRF204029.03 +0.03 12.2
INSTTRF204529.49 +0.04 12.6
INSTTRF205029.57 +0.05 12.8
INSTTRF205529.69 +0.05 12.8
IntlVal 39.29 +0.27 4.7
LifeCon 22.75 ... 9.6
LifeGro 40.25 +0.05 12.2
LifeMod 31.78 +0.02 11.0
STAR 32.09 +0.04 18.1
TgtRe2015 16.49 +0.01 8.6
TgtRe2020 35.73 +0.01 9.8
TgtRe2025 21.98 +0.01 10.8
TgtRe2030 40.58 +0.04 11.3
TgtRe2035 25.17 +0.03 11.8
TgtRe2040 43.90 +0.05 12.2
TgtRe2045 27.85 +0.04 12.8
TgtRe2050 44.87 +0.07 12.8
TgtRet205548.70 +0.07 12.8
TgtRetInc 15.07 ... 8.4
TotIntBdIxInv11.66 ... 4.0
USGro 65.10 -0.24 51.3
WellsI 28.75 +0.03 7.5
Welltn 46.54 +0.05 9.3WndsrII 40.16 +0.18 11.1
VANGUARD INDEX FDS
IdxIntl 18.89 +0.05 7.2
SmValAdml58.58 +0.19 0.9
TotBd2 11.51 -0.02 6.7
TotIntlInstIdx r126.38+0.36 7.3
TotItlInstPlId r126.40+0.36 7.3
TotSt 92.05 +0.10 17.0
VANGUARD INSTL FDS
BalInst 43.95 +0.01 13.9
DevMktsIndInst14.85 +0.05 6.4
DevMktsInxInst23.21 +0.08 6.5
ExtndInst 117.37-0.23 23.8
GrwthInst 126.44-0.35 35.6
InPrSeIn 11.52 +0.01 9.7
InstIdx 328.15+0.62 15.5
InstPlus 328.17+0.62 15.5
InstTStPlus78.80 +0.09 17.1
MidCpInst 54.97 -0.06 14.3
MidCpIstPl271.09-0.31 14.3
SmCapInst 87.97 -0.05 11.9
STIGradeInst11.00 ... 4.8
STIPSIxins 25.58 +0.03 4.1
TotBdInst 11.60 -0.01 7.2
TotBdInst211.51 -0.02 6.8
TotBdInstPl11.60 -0.01 7.2
TotIntBdIdxInst34.98 +0.01 4.0
TotStInst 92.11 +0.10 17.2
ValueInst 45.83 +0.30 0.3
WCM Focus Funds
WCMFocIntlGrwIns24.02 -0.05 27.0
Western Asset
CoreBondI NA ... NA
CorePlusBdI NA ... NA
CorePlusBdIS NA ... NAData provided byMARKETS & FINANCE
watching sentiment surveys,
which have grown increasingly
bullish in recent weeks.
“If December was a lot like
today, I think that’d be good for
the markets,” said John Lynch,
chief investment officer for
Comerica Wealth Management.
“We wouldn’t want to get too
far ahead of ourselves.”
Among the biggest winners
in Wednesday’s market were
shares of energy companies,
withApacheandOccidental
Petroleumeach jumping more
than 5%. Meanwhile, Brent
crude oil, the international
benchmark, rose 1.8% to $48.25
a barrel.
Bank stocks also rallied,
whilePfizeradded $1.39, or
3.5%, to $40.80 after its U.K.
government approval.
Salesforce.com tumbled
$20.57, or 8.5% to $220.78 after
the cloud-computing company
on Tuesday confirmed that it
had agreed to buy Slack Tech-
nologies for $27.7 billion.
Teslafell $15.94, or 2.7%, to
$568.82. This week, S&P Dow
Jones Indices said it would add
Tesla’s full weight to the S&P
500 all at once later this
month.
Even with the potential for
vaccine distribution on the ho-
rizon in the U.S., traders are
still contending with an econ-
omy that remains deeply
wounded. There is also uncer-
tainty whether new coronavirus
lockdowns will be implemented
once President-elect Joe Biden
takes office.
Traders will be paying close
attention later this week to
fresh jobs report figures. The
ADP National Employment Re-
port on Wednesday showed
that job creation in the non-
farm private sector slowed last
month.
About 307,000 new nonfarm
jobs were created, less than
economists had been forecast-
ing.
Meanwhile, the Fed’s peri-
odic compilation of anecdotes
from business contacts, known
as the beige book, said that the
U.S. economy expanded at a
“modest or moderate pace” this
fall. However, four regional Fed
branches reported “little or no
growth.”
In bond markets, the yield
on the 10-year Treasury note
jumped to 0.948% from 0.933%
on Tuesday.
Overseas, the Stoxx Europe
600 edged down. In Asia,
Japan’s Nikkei 225 closed al-
most flat, while the Shanghai
Composite Index and Hong
Kong’s Hang Seng Index slid
roughly 0.1%.
At midday Thursday in To-
kyo, the Nikkei was up less than
0.1%, the Hang Seng was up
0.3% but the Shanghai Compos-
ite was down 0.5%. U.S. stock
futures were flat.The S&P 500 and Dow Jones
Industrial Average edged higher
Wednesday in a choppy trading
session as signs of progress on
a stimulus package lifted inves-
tor sentiment.
The indexes opened lower,
before paring their losses over
the course of the day. By the af-
ternoon, as Democratic and Re-
publican lawmakers said they
saw potential for a compromise
on a new coro-
navirus-aid
bill, the in-
dexes reversed.
The S&P 500 finished the
day up 6.56 points, or 0.2%, to
3669.01, a record close. The
blue-chip index gained 59.87
points, or 0.2%, to 29883.79.
The Nasdaq Composite,
meanwhile, fell 5.74 points to
12349.37.
Optimism that Covid-19 vac-
cines will help accelerate the
economic rebound has pro-
pelled stocks in recent weeks. A
jump in stocks that are sensi-
tive to economic growth has in
part led to a blockbuster rally.
Last month, the Dow vaulted
above 30000 for the first time.
That rally lost some momen-
tum Wednesday, even after the
U.K. granted emergency-use au-
thorization for a Covid-19 vac-
cine developed by Pfizer and
BioNTech. Public- health ex-
perts expect that a similar au-
thorization in the U.S. could
come later this month.
“That’s exciting but that was
also expected,” Chris Konstanti-
nos, chief investment strategist
at RiverFront Investment
Group, said of the U.K.’s green
light of the vaccine. “We’re in a
bit of an information vacuum.
We’re through earning season,
and now the market is kind of
waiting until the end of the
year and watching vaccine
news and stimulus news.”
Still, investors and analysts
said they are optimistic about
the equity markets. Market
strategists in recent weeks have
been raising their S&P 500
price targets for 2021 as they
anticipate a strong economic
recovery once swaths of the
population are vaccinated.
The Federal Reserve’s com-
mitment to providing sustained
stimulus has also extended in-
vestors’ risk appetite.
“Why would you be a seller
of stocks when you know that
policy support, both fiscal and
monetary, is there and probably
will be there going forward?”
said Derek Halpenny, head of
research for global markets in
the European region at MUFG
Bank.
At the same time, many in-
vestors have noted that valua-
tions appear to be stretched
and some say they are closely
BYCAITLINMCCABE
ANDWILLHORNER
S&P, Dow Rise
As Stimulus Bill
Makes Progress
PfizerApacheSalesforce.comDowJonesIndustrialAverageShare-price and index performance, Wednesday
Source: FactSet
10–10
–505%9:30 10 11 noon 1 2 3 4WEDNESDAY’S
MARKETS
Iron-ore prices* Crude steel production,
change from a year earlier*Benchmark spot price, for ore with 62% iron content
Sources: S&P Global Platts (iron-ore prices); World Steel Association (production)$1500255075100125a metric ton2015 ’2020–40–30–20–10010%Jan. 2020ChinaU.S.EUWednesday
$136.75In September, officials clarified
that the purchases were in-
tended to support the eco-
nomic recovery, after being
initiated in March to improve
the technical functioning of
the bond market.
Most investors don’t expect
the central bank to increase
the total amount of Treasurys
it buys monthly. But some
think it could shift its pur-
chases toward more longer-
dated Treasurys. That could
provide more economic stimu-
lus because short-term Trea-
sury yields are already close to
zero and many individuals and
business take out longer-term
loans.
Analysts said there are sev-the minutes said.
Renewed hopes that Con-
gress could pass some sort of
coronavirus-aid package in a
lame-duck session have helped
lift the yield on the benchmark
10-year U.S. Treasury note to
0.948% as of Wednesday from
0.845% Monday. But that re-
mained below the 0.970% mark
it reached three weeks ago,
just afterPfizerInc. released
highly encouraging results
from its coronavirus vaccine
trial.
Several investors and ana-
lysts said the prospect of more
long-term bond purchases has
already accomplished a mea-
sure of what Fed action might:
bolstering demand for bonds
and putting downward pres-
sure on yields, which fall when
bond prices rise.
John Briggs, head of strat-
egy for the Americas at
NatWest Markets, said he
doesn’t think the Fed will
change its bond-buying pro-
gram this month. Still, he saidContinued from page B1Chinese crude steel output
totaled 92.2 million tons in
October, up 13% from the year-
earlier month. The China Iron
and Steel Association recently
forecast China’s annual crude-
steel output will top 1 billion
tons in 2020, representing
growth of up to 5% on year.
China’s gross domestic
product expanded by 4.9% in
the third quarter from a year
earlier, pushing the country’s
economy closer to its pre-cor-
onavirus trajectory.
The International Monetary
Fund expects China’s economy
to expand 1.9% in 2020, mak-
ing it the only major economy
likely to grow this year.
Fixed-asset investment—
which includes manufacturing,
property and infrastructure
investment, all big steel-using
sectors—is rising and a gauge
of China’s factory activity
climbed to a three-year peak
in November, new data
showed Monday.
There have been some
bright spots outside of China.
In October, productionclimbed in Vietnam and Tur-
key, and edged higher in India,
according to World Steel Asso-
ciation data.
Still, China accounted forroughly 58% of all steel pro-
duced globally in the first 10
months of the year, up from
54% in the same period of
2019, the data show.SYDNEY—Even as steel pro-
duction in the West stumbles
because of the pandemic, iron-
ore prices are surging again as
steelmakers in China keep out-
put high to support the coun-
try’s economic recovery.
Iron ore climbed to $136.75
a metric ton on Wednesday,
notching up its strongest price
in seven years, according to
data from S&P
Global Platts.
The value of
steel’s main ingredient, one of
the world’s most-traded com-
modities, climbed 16% since
the start of November, taking
year-to-date gains to 49%.
It has been a difficult year
for steelmakers in many parts
of the world, as the pandemic
buffeted economies, leading
mills to scale back manufac-
turing this spring.
In the U.S., production is
gradually increasing, but re-
mains well below year-ago lev-
els with steelmakers cautious
about restarting more idled
furnaces because of fragile de-
mand and a surge in Covid-19
cases across the country.
U.S. steel output was down
15% year-over-year in October,
and fell 18% over the first 10
months of this year, according
to the World Steel Associa-
tion.
It is a similar story in the
European Union, where steel
output is taking time to re-
cover.
“Rising restrictions due to
the resurgent coronavirus are
creating further downside
risks to steel demand” in
those places, said Daniel
Hynes, senior commodity
strategist at Australia and
New Zealand Banking Group.
But in China, where author-
ities waged an aggressive
campaign to eradicate the vi-
rus, mills are churning out
steel at near-record rates—
even with the approach of
winter, typically a weaker time
for output as colder weather
puts a brake on construction
in the country’s northern
provinces.BYRHIANNONHOYLEChina’s Economic Comeback
PumpsUpPriceofIronOre
Workers test steel pipe at a marine-equipment manufacturer in Yancheng, China, in November.WANG JIANMIN/VCG/GETTY IMAGESCOMMODITIES
he had thought for weeks that
“market speculation about [a
possible change] would in-
crease, which would help keep
yields a little bit contained.” If
anything, he said, that hap-
pened sooner than he had an-
ticipated.
It has been a bumpy ride for
yields recently.
In the month before the
Nov. 3 election, the yield on
the benchmark 10-year U.S.
Treasury note climbed to
around 0.9% from just under
0.7%, based largely on expecta-
tions that Democrats would
win the White House and both
chambers of Congress. That
would allow them to pass tril-
lions of dollars in new spend-
ing measures that would both
stimulate the economy and in-
crease the supply of govern-
ment bonds.
When Democrats didn’t win
as many Senate seats as ex-
pected, the 10-year yield
quickly fell back under 0.8%,
according to Tradeweb. The
following week, it rebounded
after Pfizer’s announcement,
only to be again pulled down
by investors’ concerns about
rising coronavirus cases and
the possible Fed response.
The Fed right now is buying
around $80 billion of Trea-
surys each month along with
$40 billion of mortgage-backed
securities, net of redemptions.eral reasons why the Fed
might not adjust its bond pur-
chases this month.
For one, the goal of buying
more long-term Treasurys
would be to ease financial con-
ditions. But financial condi-
tions are already quite loose,
with stock indexes around re-
cord highs and Treasury yields
still below their pre-2020
lows.
In addition, many investors
anticipate that Congress will
pass a coronavirus-relief pack-
age in the coming months,
even if they expect less than
they did before the election.
The Fed, therefore, might be
able to wait until after Dec. 16
to see if it needs to ratchet up
its stimulus. And it could al-
ways make policy adjustments
between meetings, analysts
said.
Thomas Simons, money-
market economist in the fixed-
income group at Jefferies LLC,
said Jefferies had previously
expected the Fed to shift its
bond purchases to more lon-
ger-dated Treasurys, but that
it had abandoned that call af-
ter the central bank didn’t act
in previous meetings.
If officials were seriously
considering an adjustment,
they would be doing more to
signal “what would be a pretty
major change in their policy,”
he said.Treasury
Yields Face
Pressure
10-year Treasury yieldSource: Tullett Prebon1.000.20.40.60.8%Aug. Sept. Oct. Nov. Dec.