That realisation followed speeches and statements from a bunch of Federal Reserve officials warning investors against being sanguine after this week’s slight softening in inflation numbers.
“The market will come to a realization that the FOMC has a lot more work to do and they will have to increase the funds rate to as high as 4% at the end of this year,” said Carol Kong, a Sydney-based senior associate for currency strategy and international economics at Commonwealth Bank of Australia.
While that data caused a relief rally in markets fearing the Fed’s super-charged tightening path, it was short-lived.
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