The Fuse
Equity futures are lower as the market continues to struggle with higher oil prices and more uncertainty around the world. No question the rise in oil is going to bring more inflation down the road, Chair Powell said the committee is genuinely concerned here with this, prospects for rate cuts have faded drastically.
A push higher in volatility has caused much of the worry around the world, Europe eased with the STOXX falling 1.1% led by larger decreases in Germany and France. The FTSE was down large too, off 1.2% while Japan shed 3.4%. Hong Kong declined 2% and Shanghai off 1.4%. Yields are climbing, with German Bund yields up 2bps as were US 10 yr treasuries the same. Gold is down hard, of 4% and silver is getting drilled as well. Oil prices remain well bid, the dollar index fell .1%.
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