Traders pushed down the value of U.S. stocks, bonds and the dollar before a speech by Federal Reserve Chair Janet Yellen that may provide clues as to the path for interest rates in the world’s largest economy.
Treasury yields rose as a sale of seven-year notes drew the weakest demand since February, while drugmakers led U.S. equity losses as Mylan NV’s move to alleviate the cost burden on its allergy shots was blasted by members of Congress. The dollar traded near a three-month low. European shares slumped amid a drop in German business sentiment. Oil rebounded after a report that Iran will participate in an informal meeting of OPEC members.
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