March Comes In Like a Lamb
Happy Friday. A relief rally, triggered by yesterday’s on-consensus personal consumption expenditures release, is losing momentum across financial markets this morning. North American equity futures are in neutral gear, two- and ten-year Treasury yields are down, and the dollar is essentially unchanged relative to its major counterparts. The “soft landing” thesis has dodged another bullet. With yesterday’s strong headline print largely discounted in markets after hotter-than-expected consumer and producer price releases, investors breathed a collective sigh of relief when their worst fears went unrealized, and were further calmed when the Federal Reserve’s Bostic and Goolsbee later indicated a willingness to...