Markets stabilise ahead of crucial inflation data
Good morning. The US dollar is trading near a seven-month low ahead of key inflation data today and tomorrow that could determine the outcome of next week’s Federal Reserve meeting. Flows through the Strait of Hormuz have slowed to a trickle after a series of American and Iranian attacks on ships and energy infrastructure, forcing global oil prices back above $100 a barrel. Ten-year Treasury yields are holding near a three-year high after the Treasury said yesterday it would buy just $6bn of long-dated bonds in its buyback operation, disappointing investors who had expected a purchase volume closer to $10bn....