The news jolted trading on a day when investors were already digesting cautious views from some Fed speakers including Jerome Powell. The “one-two punch” prevented market players from achieving further upside, according to Jose Torres at Interactive Brokers. Fed swaps almost wiped out the odds of a March rate move, and the chances of a May cut have also been reduced. Story continuesTo Thierry Wizman at Macquarie, the shift in the market’s assessment of when the Fed will begin to cut rates seems valid. Most Read from Bloomberg Businessweek©2024 Bloomberg L.P.

Source: Punch February 06, 2024 00:41 UTC