A look at the day ahead in U.S. and global markets from Mike Dolan.
New year market optimism faces a series of critical tests over the remainder of this week as the first soundings of the year from the U.S. Federal Reserve cool any hopes for a major shift in policy emphasis there.
But both said Thursday's U.S. consumer price report would be critical to whether the Fed decides on a quarter point increase at its upcoming meeting instead of the larger jumps it used for most of 2022. Bostic said further cooling of inflation meant he would have to take a quarter point increase "more seriously".
The combination of Powell's appearance and the upcoming inflation readout held markets in check around the world on Tuesday, with European and Asian bourses and Wall St stock futures flat to negative. Ten-year U.S. Treasury yields firmed up from Monday's three-week lows, with the dollar also steadying after hitting a seven-month trough.
Optimism about China's reopening has been a big factor in lifting world markets so far this year, but Beijing appears to be uncomfortable with the related rise of the yuan to five-month highs this week and the currency retreated today.and adapt to higher foreign exchange volatility, three state financial newspapers in Shanghai and Beijing said in front-page commentaries on Tuesday. The currency may have strengthened, but this year it would be volatile in both directions, they warned.
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