April 2, 2024
United States:
Markets Are Back to Seeing Fewer Rate Cuts Than the Fed
For a brief moment last week, the market and the Federal Reserve were on the same page about the pace of monetary easing. It didn’t last long, and Treasuries investors are paying the price.
After spending much of this year making bets that were much more dovish than those of Fed officials, investors have now flipped in the opposite direction. They’re forecasting about 65 basis points of rate reductions in 2024, compared to the 75 basis points signaled by the median estimate of projections released following the Fed’s March 19-20 meeting.
Europe:
ECB Says Consumer Inflation Expectations Declined in February
Inflation expectations of consumers in the euro area fell in February, according to the European Central Bank — reinforcing hopes that price growth will decrease further in the coming months.
Prices are seen rising 3.1% over the next 12 months — down from 3.3% in January, the ECB said Tuesday. That’s the lowest level since the start of the war in Ukraine in February 2022, it said.
Asia:
Hong Kong New Home Sales Hit 11-Year High After Property Curbs Removed
Hong Kong’s new home transactions hit an 11-year high in March, an encouraging sign for the beaten-down property market after the government lifted cooling measures.
There were close to 4,200 sales in the period, more than 14 times the figures from the prior month, according to real estate agent Midland Realty.
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