A combination of hawkish remarks by a pair of Federal Reserve officials, solid bank earnings reports, and a rebounding consumer-sentiment reading on Friday are among the factors contributing to another abrupt readjustment in the financial market’s thinking about the path of interest rates. The sudden readjustment dented the popular view that the Federal Reserve might be approaching the end of its yearlong rate-hike cycle. All three major U.S.
“Everything the market believed as of the close yesterday was contradicted today,” said Steve Englander, the New York-based head of global G10 FX research and North America macro strategy for Standard Chartered. As he put it, “everything went wrong in the ‘Fed-is-going-to-stop-soon’ trade,” though any future spillover from the banking-related stress has the potential to curtail policy makers’ rate-hike cycle.
See: JPMorgan Chase stock moves positive for the year after it blasts past earnings and revenue estimates
Source: News Formal (newsformal.com)
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