Pivot talk killed by resilient US services ISM read
It has been another volatile session in markets, US equities opened lower not helped by anticipated news of a bigger oil cut supply agreement by OPEC +. Then, the initial reaction to a better than expected US ISM services extended the equity rout followed by a big reversal before the close. After falling close to 2%, US equities ended the day marginally lower while the US Treasury curve bear steepened with the 10y Note yield climbing 12bps to 3.75%. Fed Daly reiterates the “data dependency” message, noting that “When the data don’t show it, then we’re going to have to keep doing what we’re doing.”. The ... (full story)
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