Unease over China’s economy tipped the yuan to a 23-month low, while pressuring stocks across the region.
BofA’s latest survey of investors found most were still bearish, though 88% did expect lower inflation over time, the highest proportion since the financial crisis. Ten-year Treasury yields rose 14 basis points over the week and last stood at 2.99%, while the curve remained deeply inverted to reflect the risk of recession.
“We also expect Powell to deliver a hawkish message about inflation, in line with recent comments from other Fed officials supporting the USD.”
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