Markets are clinging on to the hope that the worst of US rate hikes is over
Asian shares made cautious gains on Thursday as investors scented a possible slowdown in the pace of US rate hikes, comforting bond markets and sending the dollar to a three-week low on the yen.
“This is not to say that the rate-hike cycle is complete or even that a pause is coming, but risks look as though they are transitioning from being skewed to the upside to the downside.” That saw Nasdaq futures dip 0.4%, having enjoyed their biggest daily gain since April 2020 on Wednesday, while S&P 500 futures eased 0.2%.
Though the yield curve steepened slightly, most of it remained inverted in a sign investors believe policy tightening will lead to an economic downturn and lower inflation.
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