Markets Tiptoe Higher After Yesterday’s Bruising Session
The dollar is trading on a firmer footing and Treasury yields are steadying this morning after risk-sensitive asset classes suffered the worst losses in four months yesterday. The pound is coming off its lows after the Bank of England held rates steady for a fourth consecutive meeting and the nine-member Monetary Policy Committee split into three different blocs, with two members voting for additional hikes, while one member cast the first vote for a rate cut since the pandemic. The hawks: Jonathan Haskel and Catherine Mann, warned that rising household incomes and tight labour markets could translate into more durable...