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.
Asia-Pacific: Open interest and foreign investors’ positioning in Japanese government bond futures have risen over the past few weeks.
China: China’s May economic activity report was disappointing.
• Industrial production:
• Retail sales:
Emerging Markets: EM currencies took a hit in response to the FOMC’s hawkish shift.
Equities: Historically, Powell’s press conferences haven’t been good for stocks.
Food for Thought: The Oscar bump:
Edited by Richard Holmes
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