A look at the day ahead in U.S. and global markets from Mike DolanAs investors mull what looks like a new year re-acceleration of the world economy, the narrative of steady disinflation has been ripped up and interest rate markets are still scrambling to re-price.Friday's latest U.S. inflation surprise
As investors mull what looks like a new year re-acceleration of the world economy, the narrative of steady disinflation has been ripped up and interest rate markets are still scrambling to re-price.
That's some move from the current 4.50-4.75 per cent and 2.5 per cent levels. Just as important, any thought of rate cuts this year has evaporated.U.S. two-year 'breakeven' inflation rates, taken from inflation-protected Treasury securities, have jumped 80 basis points this month to 2.8 per cent - wiping away the prior assumption that inflation would return to the Fed's 2 per cent target over two years.
Stock markets steadied after early losses, with U.S. futures only slightly in the red ahead of the open and month end. In company news, staffing firm Adecco said its hiring activity had weakened modestly at the start of 2023 after it reported weaker-than-expected earnings. Graphic: U.S. Core capital goods orders https://www.reuters.com/graphics/USA-STOCKS/lgpdkonrqvo/corecap.png
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