A look at the day ahead in European and global markets from Ankur Banerjee
Investors are feeling the heat as sticky inflation and a tight labour market revive good ol' fears of the Fed staying hawkish for longer. The market has succumbed to the Fed and is now pricing U.S. interest rates to stay above 5% for the year.
Traders had been hoping for deep rate cuts by the end of 2023 in the face of an economic downturn, but a resilient U.S. economy has sent punters back to the drawing board. Thursday's jobless report and hotter-than-expected inflation data have cast a shadow over Asian markets on Friday, with MSCI's broadest index of Asia-Pacific shares outside Japan at its lowest in more than a month and set for a third straight week in the red. The last time the index had a run like that was back in October, in the midst of peak hawkishness and king dollar's reign.
This has pushed benchmark 10-year Treasury yields to their highest since late December, with the dollar at six-week highs.
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