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Evacuation in the Snow: Fears of Conflict Drive Mass Exodus from Pakistan’s Tirah Valley

Residents from Tirah valley, who fled a remote mountainous region bordering Afghanistan, gather to get themself registered, in Bara, Khyber District of Khyber Pakhtunkhwa province, Pakistan A wave of displacement is sweeping through northwest Pakistan as thousands of families flee the Tirah Valley after mosque loudspeakers warned residents of possible upcoming military action. The sudden announcements triggered a rapid and chaotic departure, with many families leaving in the middle of harsh winter conditions. Residents describe a tense atmosphere in the valley, where fears of renewed conflict between security forces and militant groups have been simmering for months. Entire communities have packed their belongings onto trucks, donkeys, and makeshift carts, heading toward safer towns such as Bara and Peshawar. Government officials insist that no military operation has been ordered and attribute the movement of people to seasonal migration patterns. Locals strongly dispute this, sayi...
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US Stocks Slip, Bond Yields Rise as Rate-Cut Bets Cool



US stocks slid on Wednesday as bond yields rose, as optimism for fast interest-rate cuts waned ahead of fresh jobs data and the release of Federal Reserve meeting minutes.

The Dow Jones Industrial Average (DJI) fell 0.3% while the benchmark S&P 500 (GSPC) slipped about 0.5%. The Nasdaq Composite (IXIC) dropped roughly 0.7% after a bruising session that saw tech stocks shed almost 1.6%.

Hopes that the year-end market rally would roll on into 2024 took a battering on Tuesday as stock indexes and bond prices sank in tandem for their worst start to a year in decades. Bonds are headed lower for a fourth day, pushing the 10-year Treasury yield (TNX) up near 4%.

Traders have started pulling back on bets on Fed interest-rate cuts, with 74% now pricing in a March pivot, compared with 89% a week ago, per the CME FedWatch Tool.

Minutes of the Fed’s December meeting due later could give a window into how near officials think they are to easing up on tightening, so they can nail a “soft landing” for the economy.

Eyes will also be on the JOLTS report on job openings, given the unexpected resilience of the labor market has fed into expectations of a Fed shift. Wednesday’s data will set expectations for the December US monthly jobs report coming Friday.

After a rough first day of trading, investor attention on Wednesday will turn to the labor market with the monthly update on job openings and turnover — known as the JOLTS report — set for release at 10:00 a.m. ET.

A decline in job openings throughout 2023 served as an early indicator the US labor market was slowing, and Wednesday’s data will serve as a key table-setter ahead of Friday’s December jobs report.


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