Wall Street edges higher as Fed statement awaited

The yield on the US 10-year note was 4 basis points lower to 3.38 per cent at 1.06pm in New York. Fund managers and strategists from JPMorgan Chase & Co to UBS Group and Morgan Stanley, who now prefer fixed-income instruments to equities, Bloomberg reported. The argument is that bonds, particularly higher-rated ones, will be able to better weather any economic slowdown, whereas stocks would suffer more if the Federal Reserve fails to navigate a soft landing. In a note, Brad McMillan, chief investment officer for Commonwealth Financial Network, said "I don't expect any real news from [Fed chairman Jerome]…