Traders await March inflation report, looking for hints about how soon the Federal Reserve will end its rate-hike campaign
data which could give signals on how soon the Federal Reserve will end its aggressive rate hikes.
Markets were in wait-and-see mode ahead of the data, with the pan-European STOXX 600 index inching up 0.3% by 0820 GMT, while Britain’s FTSE was up 0.6%. Futures also showed the U.S. S&P 500 index was set to open marginally higher. “The inflation data for March constitutes a glance into the rear-view mirror to the times prior to the turbulence on the U.S. banking market which turned projections upside down,” said Esther Reichelt, FX analyst at Commerzbank.
Money markets are now pricing in a 73% chance of the Fed raising interest rates by 25 basis points in May then pausing, up from around 50% before Friday’s jobs report, then 40 bps of cuts by year-end. The International Monetary Fund warned on Tuesday that lurking financial system vulnerabilities could erupt into a new crisis and slam global growth this year as it lowered its 2023 global growth forecasts.
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