Markets Pricing in No March Rate Hike; US Treasury Yields Plummet; US Dollar Selling Off; Trading in Several Bank Shares Suspended Over SVB Contagion Fears.
There will be a release of US CPI data today, which is expected to show that the annualized rate declined last month from 6.4% to 6.0%.
, with no more banks failing following Silicon Valley Bank and Signature Bank. However, shares in several major banks plummeted yesterday and trading in many of them was suspended. US Treasury Yields have continued to fall hard following the backstop news, with 2-year and 10-year yields making unusually strong and fast drops. a growing market consensus expects on Fed rate hike at the next meeting, or at most only a 25bps hike, reaching a new 1-month low yesterday, as it has been doing over recent days, due mainly to the difficulty the Fed will now face in hiking rates any further, but also due to fears of further US bank failures.
In the Forex market, the US Dollar has recovered during the Asian session, with the New Zealand Dollar today looking strong while the Japanese Yen looks weak. Markets are very volatile, and this movement is counter-trend – important price movements will be driven today by US inflation data and any further news from the banking crisis.
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