Traders await key U.S. inflation figures Wednesday morning for clues about the likelihood of Fed rate cuts later in the year
cuts later this year, while President Joe Biden’s failure to break a deadlock on the debt ceiling also dampened markets.
Oil prices also sagged, ending a three-day rally, with Brent crude down $1 as U.S. inventories rose in a possible sign of weakening demand. “It doesn’t look particularly sensible if inflation is falling at too slow a rate and that could feed through into higher longer-term treasury yields as well.” Emerging markets currencies were subdued on Wednesday, with MSCI’s index flat as investors awaited direction from the U.S. data.European Central Bank board member Isabel Schnabel said on Tuesday expectations for rate cuts were misplaced, but that didn’t give the euro much of a boost, as traders have been reluctant to sell dollars too hard ahead of the CPI data.
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