US Treasury yields remained depressed and the curve deeply inverted as traders continued to fret that tighter policy will trigger a recession.Crude oil, though, continued to firm after bouncing off last week’s nearly one-year low, with OPEC and the IEA forecasting a recovery in demand next year as China’s economy reopens.
Fed Chair Jerome Powell said on Wednesday that the central bank will deliver more rate hikes next year even as the economy slips towards a possible recession, arguing that a higher cost would be paid if the US central bank does not get a firmer grip on inflation. “The Fed essentially acknowledged at this meeting that inflation is likely to remain stickier than initially expected, necessitating a more restrictive policy stance, which will end up pushing the US economy in a recession in 2023,” they added.
The dollar index – which measures the greenback against six top peers, including the euro and sterling – held close to the overnight low of 103.44, a level not seen since June 16. It last stood 0.09% stronger at 103.75.Sterling edged 0.19% lower to $1.2405, remaining not far from an overnight top at $1.2446, also the strongest in just over six months.
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