S&P 500 fails to sustain rally above 3720. GBPUSD plunges 4% overnight before rallying. FX markets remain in turmoil post FOMC rate hike.
has plagued risk markets of late, as traders price in tighter monetary policy and recession concerns.
The Fed’s aggressive tightening campaign has seen the US Dollar surge to fresh multi-decade highs, with many worrying about the implications of such a strong dollar. Fedspeak continues to remain hawkish, with Boston Fed President Susan Collins indicating on Monday that additional tightening is needed. US Treasury yields continued their stunning advance, with the 2-year yield trading as high as 4.34%.
Investors will likely remain on edge as major equity benchmarks sit perched perilously above their June lows. A lot will transpire between now and the start of the corporate earnings period, which may represent the catalyst for the next major move in markets. Corporate earnings have yet to be materially revised lower, despite growing calls for a recession in 2023.
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