Note The table above is updated before publication with the latest consensus forecasts. However, the text charts are prepared ahead of time. Therefore there can be discrepancies between the forecasts given in the table above and in the text charts.
Rates as of 0500 GMT
Its riskon time again! Stocks were up across the continent in Europe yesterday, in the Americas except for Mexico, and this morning in Asia. What song would this go with? The Rolling Stones sang Paint it Black, which fits my PL nicely, but the screen is green, not black, and anyway the lyrics dont fit the mood. Lordes Green Light has a suitable title, but the words dont fit at all, either. Same with NFs Green Lights, which also doesnt seem appropriate. Any suggestions? Maybe theres a suitable tune in Korean, where the KOSPI index was the global leader, up 3.1.
Perhaps I was too blasé about Fed Chair Powells comments, because he seemed to be the spark that ignited this optimism. Most of what he said yesterday was just a continuation of his reassuring comments that the Fed would keep policy accommodative for some time to come. The key point was that he said it could take more than three years before the Fed reached its inflation goal of 2. Since he also emphasized the importance of witnessing actual progress as opposed to forecast progress in determining the appropriate stance of policy, as theyve stressed before, this implies a long long time before they begin even thinking about thinking…