A look at the day ahead in U.S. and global markets from Mike Dolan.If investors' big concern about the new year is that the U.S. economy is running too hot, then February's flash business surveys from around the world will do little to soothe nerves.U.S. markets return from Monday's Presidents Day holi
If investors' big concern about the new year is that the U.S. economy is running too hot, then February's flash business surveys from around the world will do little to soothe nerves.
The debate is no longer about whether there's a hard or soft landing for the world economy this year, it's whether there is any landing at all. Futures markets are now pricing in a peak Fed rate at just over 5.3 per cent in July, about 65 basis points higher than current rates. Yearend rates are priced as high as 5.11 per cent. Two-year U.S. Treasury yields hovered just below Friday's peaks at 4.68 per cent ahead of Tuesday's auction of new paper.
The dollar was marginally higher, mostly against the euro and yen. The Japanese currency was dampened by less ebullient Japanese manufacturing sentiment.Aside from Tuesday's business surveys, a reality check for U.S. retailers is due from Walmart and Home Depot's quarterly earnings - holding last month's red-hot retail numbers up to the light.
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