A look at the day ahead in U.S. and global markets from Mike Dolan
Markets are now priced for a Fed 'terminal rate' in the 5.25-5.50% range by July and no cut from there by year-end.
The only positive inflation news was that ebbing world oil prices are now tracking year-on-year declines of 15% as huge base effects from last February's Ukraine invasion kick in. Weak U.S. housing updates and downbeat retail readouts from Walmart and Home Depot also question the prevailing narrative.
As G20 finance chiefs meet in India, the world is watching closely the extent of the alliance between Beijing and Moscow. According to the Wall Street Journal,has indicated that Beijing's relationship with Moscow is "rock solid" and Chinese leader Xi Jinping is preparing to visit Moscow for a summit with Vladimir Putin in the coming months.
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