A look at the day ahead in U.S. and global markets from Mike DolanEven as markets rush to price a resumption of half point U.S. interest rate rises later this month, the door to a smaller hike may have been left ever so slightly ajar.In the second of this week's congressional testimonies on Wednesday,
Even as markets rush to price a resumption of half point U.S. interest rate rises later this month, the door to a smaller hike may have been left ever so slightly ajar.
That certainly ups the ante for Friday's monthly employment report and next week's consumer price index releases. Another bumper payrolls report and sticky inflation number would bake in a 50 basis point hike to 5.0-5.25 per cent on March 22 - and futures markets are more than 80 per cent priced for that outcome already.
Combined with persistence of producer deflation, the data questioned some narratives about the impact on global inflation of China's re-opening from COVID lockdowns but also showed price pressures were no obstacle to more government stimulus there. U.S. President Joe Biden will travel to the swing-state of Pennsylvania on Thursday to unveil a federal budget plan laden with spending proposals and higher taxes on the wealthy that will form a blueprint for his expected 2024 re-election bid.
In banking, Credit Suisse shed 6 per cent after the embattled lender delayed publishing its annual report due to the U.S. market regulator raising questions about earlier financial statements.
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