- US equity-index futures fell as investors paused from a rally fueled by bets on less hawkish central banks and sought more evidence that inflation is slowing.
- After the underlying indexes reached two-week highs on Tuesday, December contracts on the S&P 500 and Nasdaq 100 fell 0.9% each. Treasury yields fell across the curve, while the dollar rose for the first time in three days.
- A growing number of money managers are warning that expectations for a so-called Fed pivot are exaggerated, risking ignoring the economic pain that would underpin such a dovish tilt if policymakers chose it.
- The Stoxx 600 in Europe has halted its best three-day advance since November 2020. The index fell 0.7%, wiping out some of its 5.3% gain since Thursday. The most affected sectors were real estate, auto parts, and retail.
- On Wednesday, US treasuries fell across the curve, with the 10-year yield rising by 7 basis points. The dollar was 0.5% higher after dropping more than 1% on Tuesday.
