The New York Fed hinted that the next rate hike can wait, which calmed a scary run-up in bond yields and is good news for stocks and borrowers.

• Long-term government bond yields had jumped to a 19-year high, squeezing regional banks and pushing borrowing costs up fast.
• Fed vice chair John Williams said inflation is still too high but there is no rush to raise rates again before December.
• Traders quickly cut their bets on more hikes this year, with October now seen as less than a coin flip.
• New Fed chair Kevin Warsh has refused to give any hints about future moves, which left markets guessing and made the yield spike worse.
• The Iran conflict is still pushing yields up, and no nuclear deal looks close yet despite US pressure on the Revolutionary Guard.

Outlook: Inflation and jobs data this week should keep hike odds drifting lower, and a bullish tone in stocks looks likely to hold.