Markets have prepped for today’s CPI report over the last several sessions, while also pricing in a more hawkish FOMC stance going into Q2.
- Stocks are high; Treasuries mixed US Dollar sagged. The performance of shorter-dated Treasuries was poor and they were in the red for most of the day. “higher for longer” Fed stance More accurately, it was priced in.
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- Increases in Microsoft, AppleAnd Meta It helped to boost tech Nasdaq. Microsoft +3.12%Its market cap has risen to over $2 trillion Meta +3.03% After the Financial Times reported, Meta plans to lay off more employees. Tesla -1.14%.
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- FX – USDIndex fell – slumped to 102.93 Today’s high was achieved overnight at 103.83The rebound in USDJPY.
- EUR & GBP – extend losses against USD – 1.0737 & 1.2170 respectively. ILO UK The unemployment rate remained steady, but employment increased in the three months leading up to December. The tight labor market Companies are being forced to raise wages and pay regular salaries to maintain skilled employees because of widespread strike action.
- JPY – just a breath below 133 before pullback to 132 again. The Yen recouped losses as Japan nominated a new central bank governor in a closely watched decision & as Japan’s Q4 GDP growth lags below expectations.
- The US100 It was…
