Canada’s main stock index also opened lower on Monday, dragged down by weakness in resource-linked shares and fears of aggressive policy tightening by the Federal Reserve after data suggested red-hot U.S. inflation was yet to peak. At 9:31 a.m. ET, the Toronto Stock Exchange’s S&P/TSX composite index was down 407.05 points, or 2.01 per cent, at 19,867.77.
Bitcoin plummeted below US$24,000 as crypto assets sank. Treasury 10-year Treasury yields climbed to the highest since 2011 while two-year rates jumped to levels last seen before the 2008 crisis. The greenback had its biggest four-day rally since the onset of the pandemic.Article content The exodus from stocks and bonds is gaining momentum, with inversions across the Treasury curve pointing to fears the Fed won’t be able to stave off a hard landing. Traders are now pricing in 175 basis points of Fed tightening by September, implying two half-point and one 75 basis points hike. If that comes to pass, it would be the first time since 1994 the Fed resorted to such a draconian measure.
“It’s going to get a little uglier,” said Victoria Greene, chief investment officer at G Squared Private Wealth. “It’s going to be very hard for stocks to rally when the Fed continues to put hawkish pressure. It’s funny we still have recession deniers. There’s no way they can slam on the brakes with inflation without slamming on the brakes economically speaking.”
Bruce Dern looks concerned.
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