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The Tell: Stock market in wait-and-see mode as Trump mulls Fed chair nominee

Stock-market investors are largely shrugging off a possible change in leadership at the Federal Reserve, but analysts see potential for a jolt when President Donald Trump ends the guessing game and puts forward his nominee.

In a note to investors, Bank of America Merrill Lynch economists Michelle Meyer and Alexander Lin, said that until there is clarity about Fed leadership, “we suspect that market participants will be hesitant to take a strong position on medium term monetary policy.”

The S&P 500SPX, +0.12% advanced further into record territory Wednesday. Treasury yields have been on the rise, with the 10-year note TMUBMUSD10Y, +0.12%hovering above 2.3%.

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