Global stock markets paused on Monday after last week's rally, as investors waited to see if U.S. Treasury yields would extend their declines off recent highs and assessed the potential impact of China's modest new economic growth target.
“The announcement may disappoint some investors but on the other hand, it could ease some fears of a strong inflationary impact from China,” Kristoffer Kjaer Lomholt, head of FX and corporate research at Danske Bank, told clients in a note. Investors are waiting to see if this week's Fed Chair Jerome Powell's testimony to the Senate and House committees echoes recent hawkish comments from other Fed officials. However, current market pricing is for interest rates to rise to 5.4 per cent — in line with the amount of tightening Fed officials have suggested will be necessary. A 25 basis-point rate rise is fully priced for the Fed's March 21-22 meeting, with the outside chance of a 50 basis-point move.
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