Attention turns to Europe on reports ECB may be more aggressive in its battle to tackle inflation
U.S. bond yields were barely changed on Tuesday, as a lack of fresh catalysts provided a period of contemplation ahead of next week’s rate decision.
What’s happening What’s driving markets The Federal Reserve is in its quiet period ahead of its FOMC meeting next week, and with only some housing start and building permit data due before the markets open, traders seem reluctant to place any fresh big bets. Analysts at Deutsche Bank noted that previous Fed rate hikes were already being felt by consumers. “With the Fed widely expected to raise rates by 75bps again next week, the latest round of housing data provided further evidence that their tightening cycle is beginning to have a significant impact, with the NAHB housing market index plummeting to 55 in July ,” said Deutsche.
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