Macro Briefing: 4 April 2024

* US Treasury Sec. Yellen says US may consider new tariffs on China
* Atlanta Fed’s Bostic now sees only one rate cut this year
* Global economic recovery is driving a strong commodities rally in 2024
* Eurozone economic activity begins to recover via PMI survey data
* US services sector growth slows further in March via ISM Services Index, and…
* ISM Services data also indicate price pressures are easing
* US private-sector hiring improves for second month in March: ADP

Uncertainty about timing of interest-rate cuts helps support US 10-year Treasury yield at four-month high. “The Fed is starting to get ahead of the market because the Fed is saying ‘we’re going to cut’ and the market is saying ‘you don’t need to because economic activity is so strong,’” says Tony Roth, chief investment officer at Wilmington Trust Investment Advisors.

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