A look at the day ahead in European and global markets from Wayne Cole.
So, Jerome Powell found a way to quiet the endless market chatter of a pivot even as he opened the door to smaller hikes.
As a result, May Fed funds have shifted to 5.08% from 4.90% at end of last week, and there's less chance of a cut priced in by late next year. The yield curve bear-flattened and has not been this inverted since the turn of the century. Markets are priced for a hike of 75 bps to 3.0%, which amazingly would be the highest since 2008. What happened to the goode olde days of 10%-plus?
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