Finance AM

The US Federal Reserve raised its policy rate by 25bp to 4.6%, as was expected, and signalled “a couple more rate hikes” before pausing. Bond yields and the US dollar fell in response, while the S&P500 pared earlier losses to be up 0.8%. Prior to the Fed decision, US economic data was mixed, leaving equities, bond yields and the US dollar slightly lower.

Cooler US economic data helped lift equities, the S&P500 up 1.0%. The US dollar and bond yields fell slightly.

Risk sentiment soured, the S&P500 down 0.9%, despite little major news of note. The defensive US dollar and bond yields rose slightly.

Risk sentiment remained modestly upbeat, the S&P500 closing up 0.3%. Currencies were contained, while bond yields rose and fell for little net change.

US economic data was solid, helping equity sentiment, the S&P500 up 0.6%. The US dollar and bond yields rose slightly.

Equity sentiment continued to falter, the S&P500 down 0.3%. Currencies and bond yields were mixed. The Bank of Canada hiked but signalled a pause.

Equity sentiment stalled amid mixed company earnings reports, the S&P500 down 0.2%. The US dollar and bond yields fell amid weak US activity data.

Equity sentiment continued to improve, led by technology stocks. The S&P500 is up 1.9%, the NASDAQ 100 +2.3%. Risk-sensitive currencies outperformed and bond yields rose.

Equity sentiment rebounded, the S&P500 up 1.9%, and risk-sensitive currencies and bond yields rose. Fed officials advocated a slower pace of tightening.

Equity sentiment remained weak, the S&P500 down 0.8%, and risk-sensitive currencies fell slightly further. Bond yields rose amid hawkish ECB and Fed comments.

US economic data disappointed, raising growth concerns which hurt equity sentiment. The S&P500 is down 1.2%, bond yields are lower, and risk sensitive currencies underperformed.

Markets were again only modestly changed given the lack of major news. Currencies were mixed, while bond yields fell slightly. The S&P500 is unchanged

Markets were contained given the US holiday and no top tier economic data. The US dollar firmed slightly.

Equities reeled after major central banks raised rates and signalled more to come, the S&P500 down 2.8%. The defensive US dollar rose, while bond yields fell on recessionary concerns.

Bond yields and the US dollar were fairly stable overnight, but rose following the hawkish FOMC decision just released. The S&P500 is down 0.4%.

Bond yields and the US dollar plunged after US CPI inflation data was not as strong as expected. The S&P500 is up 0.6%.

Bond yields rose ahead of tonight’s important US inflation data, helping lift the US dollar slightly. The S&P500 is up 0.6%.

Bond yields were boosted by stronger than expected US PPI inflation data, although the US dollar was mixed. The S&P500 closed down 0.7%.

Risk sentiment improved overnight without any obvious catalyst, the S&P500 up 0.9%. That helped depress the US dollar, while bond yields rose slightly.

Bond yields fell further, continuing to price in recession risks, and the US dollar followed suit. The S&P500 is down 0.3% on the day. The Bank of Canada hiked by 50bp but guidance was dovish.

Amid little fresh news of note, bond yields and the US dollar remained elevated, hurting risk sentiment. The S&P500 is currently down 1.7%.

Bond yields and the US dollar rose following stronger than expected US economic data. The S&P500 is currently down 2.0%.

Bond yields and the US dollar jumped following US jobs data which was stronger than expected, although the reactions did not persist. The S&P500 closed down 0.2%.

Bond yields and the US dollar fell further. Fed Chair Powell’s signal of a slower hiking pace continued to resonate, and US manufacturing data disappointed. The S&P500 is currently unchanged.

Bond yields and the US dollar shed earlier GDP data-led gains after Fed Chair Powell’s comments signalled slower rate hikes. The S&P500 is currently up 1.6%.