CNY

Risk appetite looks subdued across most asset classes this morning as the data cadence slows and investors keep a wary eye on funding strains in US government debt markets. Equity futures are edging lower ahead of the North American open, yields are holding gains achieved when the US Treasury’s latest 10-year auction met with weak demand in yesterday’s session, and the dollar is advancing against its major rivals. The Treasury is set to sell another $25 billion in 30-year bonds this afternoon. As expected, the Bank of England left its major policy settings unchanged and set the stage for a...

Treasury yields and the dollar jumped by the most in a week during yesterday’s session when Minneapolis Fed President Neel Kashkari said he expected the central bank to keep rates elevated for an “extended period of time” as it waits for price growth to slow on a sustained basis. Speaking at the Milken Institute Global Conference, he warned “If inflation starts to tick back down or we saw some marked weakening in the labour market then that might cause us to cut back on interest rates’” but “If we get convinced eventually that inflation is embedded or entrenched now at...