- After a hawkish Federal Reserve meeting, market caution clashed with buy-the-dip enthusiasm in US futures. Oil turned around to trade close to a seven-year high, while the dollar climbed.
- After fluctuating between losses and gains earlier, contracts on the S&P 500 were little changed, while those on the Nasdaq 100 crept higher. Tesla sank in premarket trade after announcing supply-chain concerns, while Intel plunged after releasing a lackluster forecast.
- Losses in technology and travel stocks in Europe were offset by a surge in banks after Deutsche Bank AG upgraded its forecast. A gauge of equities in Asia-Pacific sank to a 14-month low.
- After Fed Chair Jerome Powell approved interest-rate liftoff in March and opened the door to more frequent, perhaps greater hikes than expected, investors are weighing aggressive policy-tightening expectations against the economic recovery. While Wall Street's stock surge collapsed following the FOMC, Thursday's futures moves suggested that dip-buying is still alive.
- Bond rates rose to multi-year highs on Thursday, ranging from New Zealand to the United Kingdom. Even when longer-dated treasuries recovered, two-year treasuries continued to fall.
- Kremlin: Present tensions are reminiscent of the Cold War.
- Money Markets fully price 5 Fed hikes in 2022.
- Money Markets expect the BoE bank rate to rise to 1% by June.
- Eurozone Money Markets are pricing more than 20 basis points of ECB rate rises by December 2022.
