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The damage from the Fed has been done and fears of an upshift to a faster pace of rate hikes this month, along with an even higher terminal rate and for a longer period of time, saw yields cheapen further. ADP and JOLTS showed a still hot labor market. USD steady at 105.60, Treasury yields nudged higher overnight, as did JGB rates ahead of the current BoJ meeting.The curve inverted further to -108 bps from -104.8 bps Tuesday, the most inverted since 1981. BOC left the policy rate unchanged at 4.50%, a tie for the highest rate since 2007 and indicated it would continue its quantitative tightening strategy.
Overnight: China’s Feb consumer inflation slowed (1.0% from 2.1%), Producer deflation deepened. In Japan Kazuo Ueda nomination as the next central bank governor was approved, signing off on a new leadership that will be tasked with steering a smooth exit from ultra-loose monetary policy.
Today – US Initial Jobless claims.
Biggest FX Mover @ (07:30 GMT) CADJPY (-0.49%). Plummeted to 98.99. MAs aligned lower, MACD histogram & signal line remain well below 0 and falling RSI 35 but flat, H1 ATR 0.137, Daily ATR 0.729.
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