Yesterday was an interesting day with profit taking seen across U.S Equities and Bitcoin and U.S Yields lower across the curve with US2s10s flattening 2 bps. The US ISM Non - mfg PMI came in at 52.60 with internals showing Business Activity Index at 57.2% (prior 55.80) , New Orders Index at 56.1% (prior 55.00), Employment Index at 48% (prior 50.50) and Prices paid at 58.60% (prior 64.00).
Cumulative Fed Fund pricing for 2024 saw 89 bps of rate cuts priced from prior 84 bps as the data gave comfort that Fed may stick to 75 bps rate cut guidance in light of soft employment and prices paid component.
Comments
Post a Comment