Risk-off asset repurchases continue on the bond market, at a more modest pace than the previous day, but this is corroborated by the absolute record highs for the ounce of gold above $2,144.

Yields ease by -3Pts on T-Bonds to 4.1050% and -1.5Pt on the 2-year to 4.537%.
No discernible reaction after Jerome Powell's unsurprising address to Congress, in which he reaffirmed his desire to maintain a cautious approach to any rate cut (we must act "neither too early, nor too late"), as inflation remains above the 2% target
The FED boss pushes back the horizon for a rate cut to June.

In addition to Jerome Powell's parliamentary address, the day will be marked by the evening publication of the Fed's Beige Book, which should describe a US economy that is growing, but modest, far from the euphoria recently seen on the equity markets.

In terms of figures, the monthly ADP survey reveals that the US private sector generated 140,000 new jobs in February.
ADP points out in particular that wage gains for those changing jobs accelerated for the first time in over a year, rising from 7.2% to 7.6%, a level significantly higher than inflation.

The labor market remains buoyant, but this is unlikely to tip the balance in terms of the Fed's rate decision this year", says Nela Richardson, Chief Economist at ADP.
Another figure: US wholesaler inventories fell by 0.3% in January 2024, compared with +0.4% in December, according to the Commerce Department.
Given that US wholesaler sales fell by 1.7% in January compared with the previous month, it took them 1.36 months to clear their inventories, a pace to be compared with 1.34 months in December.

Not much to report from Europe 24 hours ahead of the ECB meeting (press conference to follow at 2.30 p.m.): our OATs are easing by -2pts to 2.768%, Italian BTPs by -6pts to 3.655%... only Bunds stagnate, at 2.3200%
In Europe, retail sales figures in the euro zone confirm that European households are now more inclined to save than to consume.



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