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16 Apr 2025

US pain points

• US trends. US equities lost ground, as did bond yields & the USD. This helped currencies like EUR, AUD, & NZD lift. USD/JPY at multi-month lows.• Central banks. BoC surprised by keeping rates steady. US Fed Chair Powell indicated tariff impacts leave policymakers in a difficult spot.• Macro events. NZ CPI a bit hotter than forecast. China growth stronger. AU jobs report due today. ECB also expected to cut interest rates again. Global Trends A ‘risk off’ tone returned to US markets overnight with equities losing altitude (S&P500 -2.2%, NASDAQ -3.1%) and bond yields declining for the third straight...

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