Market Brief, North America

Good morning. The dollar is edging off highs reached last week as traders digest Friday’s hawkish tilt in Fed communications, monitor developments in oil markets, and brace for a slew of event risks in the days ahead. Ten-year Treasury yields are holding near their highest levels since early last year, equity markets are setting up for modest declines at the open, and most major currencies are inching higher in convictionless trading. Odds on a rate hike at the Federal Reserve’s September meeting jumped after chair Kevin Warsh underscored a hawkish tilt among policymakers in Friday’s address at the Jackson Hole...

Good morning. Measures of implied volatility are holding steady across financial markets, as the drumbeat of economic data slows and after the Trump administration’s threatened “economic D-Day” against Iran’s trading partners turned out to involve more rubber dinghies than landing craft. Treasury yields are edging lower (albeit from elevated levels), equity futures are advancing, and currency markets are firmly range-bound, with most major currencies down by less than 0.3% against the dollar since Friday’s close. Oil prices are slipping, with both Brent and West Texas Intermediate down by more than 3% from yesterday. After threatening “the single greatest financial offensive...