Caution Prevails as First Quarter Winds Down
Financial markets remain broadly rangebound this morning as month- and quarter-end position squaring drives investors to cut risk. The dollar is essentially unchanged, Treasury yields and crude prices are softening, and North American equity bourses are setting up for a weaker open. More evidence of strength in the US economy was delivered yesterday. Data releases showed home prices climbing at the fastest annual pace since 2022 in January, durable goods orders rising more than expected in February, and the Conference Board’s measure of consumer confidence ticking higher in March. The “no-landing” consensus among economists keeps growing more pervasive, bolstered by...