Markets Steady As Event Risks Loom
Currency traders are treading cautiously after Donald Trump raised taxes on steel and aluminum imports into the United States, and price action is slowing ahead of this morning’s testimony from Federal Reserve chair Jerome Powell and tomorrow’s inflation update. North American equity futures are setting up for a negative open, the benchmark ten-year Treasury yield is up roughly 2 basis points, and the dollar is consolidating gains achieved in the run-up to last night’s tariff announcement. President Trump signed two executive orders last night imposing 25-percent tariffs on all steel and aluminum products, saying “It’s a big deal. This is...