Bassanese Bites: Hawkish hold – December 11 2023
Global markets
Global equities inched ahead for a sixth week in a row and bond yields edged higher as both equity and bond markets took a breather after strong gains over the past month. Underlying the renewed caution, markets may well be questioning the aggressiveness of the rate cuts now priced into the US market by early 2024 – especially given Friday’s solid employment report.
As evident in the chart set below, the S&P 500 touched a new 6-month high, while the still rangebound $US flipped back above its 30-week moving average.
