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Market Update – February 23 – On Pins & Needles For Nothing


US Stocks Hold lower, but halt the decline US Dollar Spiked to 104.50 Yields richened on short covering following the recent rout, but ended off of the day’s lows as Minutes of the FOMC Failure to offer new clues to change expectations on the way. The 10-year fell 3.7 bps to 3.916%.

FOMC Minutes solidified views for additional hikes A higher funds rate throughout the year. Fed funds futures indicate an increase in risk for a 50 bp rise at the March 21-22 meetings with the implied rate of 4.878%. May has a rate of 5.132% and June is at 5.30%. July still has the highest rate at 5.358%. A 5.02% rate, which is currently priced in for January 2024, is one of the most notable factors in the market.

  • USD Index slightly lower 104.51, At 23% Further rate increases have been fully priced into the market. 25 bp more on March 22 One thing and another 25 bp as of May 3.
  • JPY – hovering around 134.70-134.90.
  • Stocks – The session ended with the same outcome, although the participants were unable to agree on the final point. US100 (0.13%), US500 (-0.16%), US30 (-0.26%).
  • Pioneer Natural Resources Co. (#PXD.s) reported $7.8bn record profits in 2022 — more than triple its previous record of $2.1bn the previous year. Pioneer is becoming…

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