SPX, US10Y: Global Equities Hit Record Highs as Fed Leadership Uncertainty Eases

Global Equities Hit Record Highs as Fed Leadership Uncertainty Eases

Apr 26, 2026 20:00 UTC

SPX, US10Y

Short term

Global equity markets are maintaining strong upward momentum, with the S&P 500 gaining nearly 10% since the end of March. This surge places the index on a trajectory for its most significant monthly advance since late 2020, despite a backdrop of geopolitical tension and inflationary pressures. The rally has proven resilient, weathering stalled peace negotiations and signs of resurgent inflation. However, the speed of the ascent has led some market participants to question the sustainability of the current trend, raising concerns that the momentum itself may create a ceiling for further gains. A key driver of recent sentiment was the closure of a Justice Department investigation into Federal Reserve Chair Jerome Powell. This development has cleared the path for the confirmation of Kevin Warsh, reducing political uncertainty surrounding the central bank's leadership. In response to these developments, Treasury yields declined on Friday. Traders are now increasingly pricing in the possibility that the Federal Reserve will resume cutting interest rates before the end of the calendar year.

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Global Equities Hit Record Highs as Fed Leadership Uncertainty Eases

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