Morning Bid: Fed QT taper calms the horses, yen pops again

Anxious bond traders seem to have taken solace from the Federal Reserve's surprisingly sharp brake on its "quantitative tightening" process on Wednesday, while the yen capitalized on an easier dollar after what seemed like the second bout of Japanese intervention this week.

Futures markets nudged up the full-year Fed easing expectations to 35 basis points, though a first cut is still not fully priced until after November's election. And just as it started to fall back, the Bank of Japan appears to have struck for the second time this week - sparking a peak-to-trough drop of almost 5 yen, or 3%, on Wednesday.

Atsushi Takeuchi, who headed the Bank of Japan's foreign exchange division during intervention rounds in 2010-2012, said Japan would likely keep intervening to prop up the yen until the risk of speculators triggering a free fall in the currency has been eliminated.Back on Wall St, attention will quickly switch from the Fed meeting to the labor market and the April payrolls report on Friday.Although private sector payroll creation appeared to stay strong last month, other data showed U.S.

But Standard Chartered jumped 7% to a six-month high as the emerging markets-focused lender posted a 5.5% rise in first-quarter pretax profit that beat estimates.* U.S. Q1 productivity and unit labor costs, weekly jobless claims, March international trade balance, March factory goods orders Giorgio Viera/AFP via GettyAfter weeks of bellyaching and carrying on about how he would “not be allowed” to take a day off from his criminal hush-money trial to attend his 18-year-old son Barron’s high school graduation, Donald Trump will, in fact, be permitted to go, Judge Juan Merchan said Tuesday. Following the first day of proceedings earlier this month, Trump lambasted Merchan, ranting, “t looks like the judge will not let me go to the graduation of my son.

Mike Dolan Bank Of Japan Global Markets The Federal Reserve Japanese Intervention Jerome Powell Yen

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