This morning (PST), all three major US indices are in the red. ISM services index reading for January showed expansion and was better than estimates. Federal Reserve Chairman reiterated his view of moving carefully on rate cuts this year as they are gaining confidence in bringing inflation down towards the target but want more data to ensure that it is sustainable. Treasury yields spiked and earnings appear to be mixed (e.g MCD, CAT). Markets are perhaps adjusting to realistic expectations for rate cuts schedule for this year.
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