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15 Feb 2023

Risk Appetite Weakens as Pivot Hopes Fade

A sense of caution is settling over financial markets this morning, with North American equity futures setting up for a weaker open, commodities under pressure, Treasury yields rising, and the dollar in recovery mode. Markets went on a bit of a drunkard’s walk after yesterday’s print. Risk sensitive assets rallied in the moments after the release as investors found their worst fears had not been realized, but then seemed to fall as stubbornly-strong services prices lowered the likelihood of a meaningful Fed pivot in the months ahead. Oscillations continued throughout the day as position adjustments unfolded and traders struggled to...

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