Most of the markets I follow are going sideways as we head into the FOMC meeting minutes release and the inflation data.
- European bourses have held onto the mixed theme seen at the cash open with underperformance seen in the CAC 40 and Euro Stoxx 50 on the back of disappointing earnings from heavyweight LVMH.
- Bonds are back in vogue as duration and safe haven demand propel prices higher amidst long-end outperformance; UK supply was snapped up and German issuance meets mixed reception.
- Spot gold and silver are marching higher, potentially amid haven flows as the Israeli war rages on with Lebanon and Syria also said to be involved.
- Fed's Bowman said the US policy rate may need to rise further, according to Reuters; Fed's Daly said they have more work to do and inflation is still high but noted that if bond yields are tight.
- Looking ahead, highlights include US MBA & PPI, FOMC Minutes, Fed’s Waller, Collins & Bostic, and supply from the US.
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