Stock indices are a sea of green on Wednesday and risk sentiment has improved markedly, as the market weighs up a plethora of bad economic news from the US and what this means for the Fed.
Right now, this means a 62% chance of a first rate cut in the US in September, 1 week ago there was only a 42% chance that the first rate cut could come in September. A US economic slowdown is gathering pace We have mentioned the deterioration in US economic data for a while, but the prospect of a slowdown in the US economy is gathering pace, and has caught some traders off guard.
The US economy: A perfect slowdown The big question is, what does this mean for the future of asset prices? The deteriorating economic picture in the US is boosting the chance of a Fed rate cut in September, which is helping sentiment. US 10-year Treasury yields have fallen by 32 basis points in the past week, and this has boosted big tech. Nvidia’s share price hit a record high on Wednesday, and unsurprisingly, tech and communications services are leading the US blue chip index higher.
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