Price Action Cools As Barbecues Heat Up
Price action is turning choppy in financial markets this morning as liquidity begins to evaporate ahead of tomorrow’s July 4 holiday. Equity futures are flat ahead of a shortened trading session, fixed-income markets are seeing modest safe-haven flows, and commodities are range-bound as thinly-manned trading desks take risk off the table before Friday’s non-farm payrolls report. The dollar and Treasury yields retraced some of their post-presidential debate gains yesterday after Federal Reserve chair Jerome Powell said the US economy is showing “signs of resuming its disinflationary trend,” helping bolster the likelihood of a rate cut in September. Speaking at a...