The concern now is less about a global recession and more over the prospect of little respite any time soon from higher interest rates.
Fed funds futures are fully pricing in a 25-bps rate rise from the Fed next month, with a chance of around 20% of a larger 50-bps hike.
Preliminary euro area-wide consumer price inflation data for February is due on Thursday, March 2, while investors will get more information on the state of the US economy with US ISM manufacturing and services survey data for February due on Wednesday, March 1, and Friday, March 3, respectively. The US 10-year yield ticked up 1 bp to 3.932%, up more than 50 bps in February, its biggest monthly jump since September. Germany’s 10-year yield, the benchmark for the euro area, was virtually flat at 2.639%, its highest level since July 2011.
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