Key Points
After its best week of 2023 on optimism about peaking interest rates, Wall Street's S&P500 (.SPX) looks set to record its longest winning streak since June as a key Federal Reserve loan report may well sustain the rates buzz.. A below-forecast national payroll gain last month, a tick higher in the unemployment rate and moderating wage growth all catapulted stocks and bonds higher on Friday after a week brimming with hope the rate hiking campaign of the major central banks is over at last and a relatively soft landing beckons...
The Fed's latest quarterly senior loan officer survey is due for release later on Monday and should reinforce the point that rate rises to date are taking effect on shrinking credit growth...
Ebbing oil prices over the past week underscored the renewed bid in rates and bond markets, with the year-on-year decline in U.S. crude prices now tracking almost 12% - its biggest annual fall since August and encouraging for inflation watchers...
If the Fed - which had been indicating that tightening financial conditions were doing some of its work for it - wants to protest the sudden loosening of the bond and equity markets, then chair Jerome Powell is due to speak again on Wednesday...
The backdrop of an easier dollar and Treasury yields provides significant relief for emerging markets, with MSCI's emerging market stock index (.MSCIEF) hitting its highest since Sept 20 too...
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