Morning Bid: Relief (mostly) everywhere

The relief across world markets as signs of a softening in the U.S. jobs markets strengthens the case for Federal Reserve rate cuts to start later this year remains palpable.

Money markets are back to pricing in roughly two 25 bps Federal Reserve rate cuts this year. Last week, traders came close to no longer fully pricing in one cut for the year as nervous markets started to position again for higher for longer rates. One key question is whether the improvement in bank lending conditions could be undermined by the rise in government borrowing costs this year, with two-year Treasury yields up 55 bps.

Given that Japanese authorities picked last week's quiet periods to intervene in the currency market, traders will be on high alert through the day.

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