⚠️3 Things to Watch This Week: -Stock Market Turmoil -U.S. Jobs Report -Fedspeak 👉 $DIA $SPY $QQQ $IWM $VIX
As the Fed ramped up its monetary policy tightening to tame the worst inflation in decades, U.S. Treasury yields shot to their highest levels in more than a decade, slamming stock valuations.
Many investors believe the wild moves will continue until there is evidence that the Fed is winning its battle against inflation, allowing policymakers to eventually end monetary tightening.The Conservative Party's annual conference gets underway on Sunday and market participants will be closely watching speeches by party leaders after the new government triggered a market meltdown with its Sept. 23 ‘mini-budget’ which included plans to slash taxes and pay for it with borrowing.
The BoE's pledge to buy $69 billion of long-dated gilts has calmed markets for now, but it's too soon to say the rout is over. The BoE is now in the position of having postponed its plan to sell bonds, resulting in monetary loosening, and at the same time tightening with interest rate hikes. In November, it is expected to raise rates further and it has said it will stick to a plan to sell its bonds.The Organization of the Petroleum Exporting Countries and allies, including Russia, are to meet on Wednesday at OPEC's headquarters in Vienna to finalize output quotas for November.
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