09 May 2023

Price action in financial markets is restrained and the dollar is inching higher against its risk-sensitive counterparts as investors monitor debt ceiling negotiations and take positions ahead of tomorrow’s inflation data. Yields are lower and equities are on the defensive after Chinese authorities said export shipments to the rest of the world shrank 6.4 percent in April, providing more evidence of a deepening global economic slowdown. The first Senior Loan Officer Opinion Survey released in the aftermath of Silicon Valley Bank’s collapse showed lending conditions continuing to tighten – but not at the pace economists had feared. 45 percent of banks raised...