Crude oil sank to a three-month low after data showed a steep build in US stockpiles, while worries about the Chinese economy weighed on the outlook for demand. — Reuters picTOKYO, Nov 8 — Treasury yields and the dollar hovered above multi-week lows today as markets grappled with the possibility of another US interest rate hike while waiting on comments from Federal Reserve Chair Jerome Powell for a steer on the policy outlook.
Expectations have been building in recent days that US policy rates have peaked and cuts could begin as early as May, following a softening in key monthly jobs data at the end of last week and a tempering in the Fed’s hawkish stance. However, investors remain sensitive to the possibility of more hikes amid guarded remarks from Fed officials.
“The drop in oil prices is delivering a similar signal,” he added. “The sell-off is coming on demand fears: There’s a lot of fear about China’s recovery in that, but also that after exceptional resilience, the US economy is slowing.”
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