Greetings,
United States: Faced with an economy that’s expanding faster than projected and a rapidly tightening labor force, many FOMC members pulled forward their forecasts for rate hikes. The dot plot now shows two rate hikes in 2023, with a few more Committee members forecasting hikes next year.
![The Daily Shot Brief – June 17th, 2021](https://thedailyshot.com/wp-content/uploads/US-FOMC-Dots.png)
Asia-Pacific: Open interest and foreign investors’ positioning in Japanese government bond futures have risen over the past few weeks.
![The Daily Shot Brief – June 17th, 2021](https://thedailyshot.com/wp-content/uploads/JP-JGB-purchases.png)
China: China’s May economic activity report was disappointing.
• Industrial production:
![The Daily Shot Brief – June 17th, 2021](https://thedailyshot.com/wp-content/uploads/CH-IP.png)
• Retail sales:
![The Daily Shot Brief – June 17th, 2021](https://thedailyshot.com/wp-content/uploads/CH-Ret-Sales.png)
Emerging Markets: EM currencies took a hit in response to the FOMC’s hawkish shift.
![The Daily Shot Brief – June 17th, 2021](https://thedailyshot.com/wp-content/uploads/EM-JPM-Curr.png)
Equities: Historically, Powell’s press conferences haven’t been good for stocks.
![The Daily Shot Brief – June 17th, 2021](https://thedailyshot.com/wp-content/uploads/EQ-Powell-Market.jpg)
Food for Thought: The Oscar bump:
![The Daily Shot Brief – June 17th, 2021](https://thedailyshot.com/wp-content/uploads/VTB-the-Oscar-bump.png)
Edited by Richard Holmes
Contact the Daily Shot Editor: Editor@DailyShotLetter.com