A look at the day ahead in U.S. and global markets from Mike Dolan
Acknowledging the risk of wider stress shortly after the Swiss deal,issued statements to reassure markets and announced coordinated action to provide U.S. dollar liquidity where needed and backstop their banking systems.
"There's going to be less credit. Less credit means less growth. So, some of the mission of the Fed in trying to slow the economy will be done here," former Goldman Sachs chief executive Lloyd Blankfein said on Sunday.Futures markets now see the first Fed rate cut emerging by midyear.
The steepening of the 2-10-year curve to show an inversion of just 40 bps was cold comfort as investors pointed out that the long-inverted curve - frequently a harbinger of recession and stress - often steepens just before the actual recession hits.
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