Core global yields have been the big market movers overnight with European bonds leading the decline in yields.

Weaker US consumer confidence dents equities

US equity markets have begun the new week on the back foot with a clear lack of conviction.

It was a great day for US stocks on Friday, with two-thirds of the mid-month sell-off now retraced.

Despite softer PMIs and still-hawkish messaging from the Fed, US equities managed to turn around intraday.

Recession or hard landing fears have taken a firmer hold on most markets in the past 24 hours.

Some relief in equities with a strong bounce back from last week’s decline

The RBA is front and centre in local markets this morning.

US and European equities showed signs of stabilisation on Friday, but still ended with sharp declines on the week which was not helped by Fed Chair Powell’s words that the Fed has unconditional commitment to restoring price stability.

The Bank of England rose rate by 25bps and left its options wide open on future moves

Fed delivers 75bps rate rise, sees 50 or 75 most likely at next meeting

Ahead of tomorrow’s FOMC meeting we have seen an increase in market volatility across Equity, Rates and FX.

A hot US CPI report and signs of inflation expectations de-anchoring on Friday has seen yields surge, risk assets sell off, and recession talk rise.

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