But jitters in other assets showed the path ahead will be far from smooth as policymakers grapple with trying to increase rates to curb inflation without stifling the economic recovery.
“There are two camps out there and they are wrestling for dominance in terms of the view. Some days higher-for-longer wins, some days higher-then-lower camp wins,” Carnell said. Markets however are pricing in rate cuts for late 2023, with fed fund futures implying a range of 4.25 percent to 4.5 percent by December.Investors will get a better picture of the U.S. labor market this week, with several pieces of data scheduled, culminating in the employment report on Friday.
The dollar index, which measures the greenback against six other currencies, fell 0.74 percent after rising 1 percent overnight in a sign of investors’ uncertainty about the path forward for rates. Chinese stocks climbed, while Hong Kong’s Hang Seng Index jumped to its highest since July as equity investors remained optimistic about a recovery in the wake of China dismantling its stringent “zero-COVID” policy.
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