US Rate Cut Expectations Tumble Ahead of Jackson Hole
The trade-weighted dollar is holding near a two-week high after yesterday’s hotter-than-anticipated activity data triggered a dramatic reappraisal of the Federal Reserve’s expected easing trajectory, lowering expectations for a clear rate-cutting message from chair Jerome Powell at this morning’s economic symposium in Jackson Hole. Benchmark ten-year Treasury yields are holding steady around the 4.33-percent mark, equity futures are setting a course toward an advance at the open, and most major currencies are holding just below technically-important levels as traders await further clarity before pushing them lower. US private sector activity expanded at the fastest rate recorded so far this year...