Morning Bid: Markets mull potential US ‘no landing'
Trading in Asia kicks off on Monday with the global macro and market landscape suddenly appearing very different from how it looked on Friday, thanks to a set of U.S. employment figures that not even the most bullish of forecasters expected.
Not only that, the total amount of expected Fed rate cuts over the easing cycle has also been scaled back, pointing to a higher projected"terminal" rate in 2026 of around 3.25%. Traders could continue to raise that higher this week. The U.S. dollar, bond yields and stocks all leaped higher on Friday, reflecting a broad-based vote of investor confidence in the U.S. economy.futures rose 9% on the week for their best week since January 2023; and the Dow ended at a record closing high.futures point to a rise of around 2.5% at the open in Japan. However, tighter financial conditions via the notable spikes higher in Treasury yields, the dollar and oil warrant caution.
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