A more cautious tone in markets overnight with equities lower and the US curve inverting further. Fed speakers were clear that a pause is not imminent and there is more to do, even as they may move at a slower pace, while stronger US retail sales numbers showed resilience in spending, providing some small counter to the burst of optimism after softer-than-expected US inflation data last week. Currency moves have been relatively modest. Equities were generally lower. The S&P500 was tracking around 0.7% lower, while the Nasdaq is around 1.5% lower. Comments from US President Joe Biden that Ukrainian air defenses, ... (full story)