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20 Jun 2023

Risk assets pause for breath as Fed pushback becomes more likely

Markets are turning more cautious after last week’s “melt-up” in risk assets, with the dollar climbing against its rivals, Treasury yields ticking higher, and equity markets beating a slow retreat. The British pound is holding near to a ten-month high against the euro and a 14-month peak against the dollar, supported by rising rate expectations. Following strong labour market and wage growth data, the latest inflation print, out tomorrow morning, is expected to show headline price growth easing only slightly in the the month of May, and the core measure is seen holding close to 6.8 percent in year-over-year terms. In response,...

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