Hamartia Antidote
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https://www.ft.com/content/1b9294f2-ebc8-3343-8312-66549a90d0b4
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https://www.ft.com/content/1b9294f2-ebc8-3343-8312-66549a90d0b4
Another day, another set of records broken on Wall Street.
All three major US stock indices opened at fresh lifetime highs on Monday as investors moved to snap up riskier assets amid easing tensions with North Korea and as the markets wait for the latest Federal Reserve meeting on Wednesday.
The S&P 500 tacked on 0.3 per cent within minutes of the opening bell to hit 2,508.34. The Dow Jones Industrial Average rose by a similar margin to 22,334.72 while the Nasdaq Composite was up 0.4 per cent at 6,471.91.
A set of stronger-than-expected inflation readings last week has rekindled talks of further monetary tightening this year, with the odds of a December interest rate increase now seen at nearly 56 per cent compared to 37 per cent just a month ago, according to CME Group data.
While policymakers are widely expected to leave interest rates unchanged on Wednesday, the market is hoping for new details on the Feds’ plans to unwind its massive balance sheet. There will be keen interest in the new official economic forecasts.
“These may be used to reinforce the message that, while there is little need for aggressive interest rate hikes, the market remains too complacent on the prospect of higher interest rates,” said analysts at ING.
Haven assets came under slight selling pressure. Yield on the 10-year Treasury note, which moves inversely to price, edged up another 2 basis points to 2.2199 per cent. Gold fell 0.5 per cent to $1,312.28 per troy ounce. Utilities was the only sector on the S&P 500 to fall in the red.
The dollar was largely unchanged, with the DXY index at 91.88.
Please use the sharing tools found via the email icon at the top of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour.
https://www.ft.com/content/1b9294f2-ebc8-3343-8312-66549a90d0b4
Another day, another set of records broken on Wall Street.
All three major US stock indices opened at fresh lifetime highs on Monday as investors moved to snap up riskier assets amid easing tensions with North Korea and as the markets wait for the latest Federal Reserve meeting on Wednesday.
The S&P 500 tacked on 0.3 per cent within minutes of the opening bell to hit 2,508.34. The Dow Jones Industrial Average rose by a similar margin to 22,334.72 while the Nasdaq Composite was up 0.4 per cent at 6,471.91.
A set of stronger-than-expected inflation readings last week has rekindled talks of further monetary tightening this year, with the odds of a December interest rate increase now seen at nearly 56 per cent compared to 37 per cent just a month ago, according to CME Group data.
While policymakers are widely expected to leave interest rates unchanged on Wednesday, the market is hoping for new details on the Feds’ plans to unwind its massive balance sheet. There will be keen interest in the new official economic forecasts.
“These may be used to reinforce the message that, while there is little need for aggressive interest rate hikes, the market remains too complacent on the prospect of higher interest rates,” said analysts at ING.
Haven assets came under slight selling pressure. Yield on the 10-year Treasury note, which moves inversely to price, edged up another 2 basis points to 2.2199 per cent. Gold fell 0.5 per cent to $1,312.28 per troy ounce. Utilities was the only sector on the S&P 500 to fall in the red.
The dollar was largely unchanged, with the DXY index at 91.88.
