Daily digest market movers: Small Business under a microscope
- Overnight, Minneapolis Fed President Neel Kashkari delivered a small speech where the main key takeaway was that inflation is set to fall and that the labor market is no longer red hot, though still tight, according to Bloomberg.
- Chicago Fed President Austan Goolsbee said that the current level of rates would see joblessness rising, Bloomberg reported.
- Former St. Louis Fed President James Bullard saidon Bloomberg TV that three rate cuts are the base case for the Fed and that the first rate cut is being justified by data. Bullard isn’t part of the Federal Open Market Committee (FOMC) anymore.
- The People’s Bank of China (PBoC) kept its Yuan fixing at 7.0956 overnight while markets are trading it at 7.2450, which is over 2%, increasing the odds of a bigger intervention from the PBoC.
- At 10:00 GMT, the NFIB Business Optimism Index for March got published The March number came in at 88.5, coming from 89.4. Expectations was for 90.2.
- The US Redbook Index is expected to come in around 12:55 GMT, with the previous reading at 5.2%.
- At 14:00 GMT, TIPP will release its reading on April’s number, with an estimation for April at 44.2 points after the reading of 43.5 in March.
- The US Treasury is having a 3-year note auction at 17:00 GMT.
- Asian equities are trading in the green this Tuesday, nearly up by 1%, while European equities are taking over the positive tone from Asia, though less euphoric as increases are by about less than half a percent. US futures are looking for direction after the minor gains booked on Monday.
- According to the CME Group’s FedWatch Tool, expectations for the Fed’s May 1 meeting are at 97.2% for keeping the fed funds rate unchanged, while chances of a rate cut are at 2.8%.
- The benchmark 10-year US Treasury Note trades around 4.42% after rallying over 20 basis points in just one week.
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