Weekly Macro & Markets View
What were the key global economic data releases, what is Zurich’s view and what does this mean for financial assets?
Weekly Macro and Markets View, Week 19
Highlights and View
- Fed Chair Powell sets a high bar for
further rate hikes
While imminent rate cuts are unlikely, the FOMC kept its easing bias and announced a slowing in the pace of quantitative tightening. - Government bond yields decline on
the back of soft US economic data
and a relatively dovish Fed
After the correction, yields are more aligned with economic fundamentals, with a soft landing for the economy back in play. - Japan’s MoF obviously intervenes
twice to support the yen
Potential further intervention will depend on monetary policy action by the US Fed and the Bank of Japan, with the USDJPY 160 level as a line in the sand.
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