2024-01-22 04:10:27
Today’s performance of currencies and bonds
The price of the US dollar fell against all of its counterparts in the Group of Ten, reducing the gains it achieved this month amid speculation that the Federal Reserve’s policies will lead to a smooth decline in the US economy.
10-year Treasuries were little changed after their yields fell on Friday for the first time in a week, after a University of Michigan poll “favoring the Federal Reserve” showed a combination of higher consumer confidence and lower inflation expectations.
El-Erian: Markets overestimate the pace of interest cuts
The expected big pullback in stocks may now be brewing under the surface and may become irrational, analyst Ed Yardeni wrote in a note: “Unless Fed Chairman Jerome Powell unhurriedly tightens monetary policy, a speculative bubble may inflate, fueled by a transition to… Funds range from instruments that provide interest to investors to stocks and bonds.”
Investors will also be anticipating the first US fourth-quarter GDP estimate data on Thursday, the results of central bank meetings for Canada and Europe, along with South Korea’s economic output data and European preliminary readings of purchasing managers’ surveys for 2024.
On a political level, Ron DeSantis withdrew from the US presidential race to support Donald Trump (the most likely Republican candidate) before the New Hampshire primary elections on Tuesday.
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