A look at the day ahead in European and global markets from Wayne Cole.
Fed fund futures now price in three more hikes to 5.25-5.50% and have drastically scaled back the outlook for future rate cuts, with barely one priced in by December.
Now the range is looking more like 3-6%, a challenge for assets other than bonds and especially equities with high PE ratios - maybe including Nvidia's 88.3.sounded suitably stern late Wednesday, noting that with global supply chains still disrupted, goods prices may not continue their recent decline and inflation in core services excluding housing continues to be far too high.
Add to that the impact of climate change, both directly on food prices and indirectly through the cost of transitioning to renewables.
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