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Utilities Up on Safe Haven Demand -- Utilities Roundup

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06/14/2019 | 05:17pm EDT

Shares of power producers rose sharply as traders sought out safe havens ahead of further developments in the Middle East and a policy statement from the Federal Reserve. Treasury yields slid after muted inflation data, which spurred rate-cut bets and demand for utility stocks, which often are viewed as an alternative to Treasurys. "With the market pricing in over two cuts this year, [Fed Chairman] Powell will have to tap dance at the press conference," said strategists at brokerage Bank of America Merrill Lynch Global Research, in a note to clients. "The goal will be to keep options open with the possibility of a cut in July but not a pre-commitment." Contractors are creating piles of timber as they cut down trees near Paradise, Calif., which was decimated by a wildfire last year. That's caused more complaints about utility PG&E, which has hired the contractors to help avert another fire caused by sparks from electrical equipment.

-Rob Curran, rob.curran@dowjones.com

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