From Marc to Market:
Overview: Fed Chair Powell did not push against the easing of US financial conditions when he ostensibly had an opportunity yesterday. This coupled with expectations of another decline in the US CPI, which will be reported tomorrow, has kept the greenback mostly consolidating the losses seen last Friday and Monday. With a light calendar today, continued sideways movement is the most likely outlook for the North American session today. The rise in US yields seen yesterday are being pared today.
While Chinese equities softened, most other large bourses in the Asia Pacific area, gained, led by a 1% gain in the Nikkei, advanced. Europe's Stoxx 600 is recouping most of yesterday's losses, and US futures are a little firmer. Despite the surge in supply, the European bond market rally continues, and benchmark yields are off 7-9 bp today. February WTI is firm, though the API estimated a huge build of 15 mln barrels, which is confirmed by the EIA later today, it would be the largest increase in US crude stocks since early 2021....
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