Another hawkish broadside from the Fed
Saxo Market Call
Summary: Today we pick apart yesterday's FOMC meeting, in which the statement was boring and inline with existing expectations, but the Fed Chair Powell press conference provided a couple of comments that unsettled the market on the potential for the Fed to hike far more than was previously expected. US yields rose across the yield curve, the USD spiked higher and risk sentiment rolled over badly after the powerful short squeeze that had set in ahead of the FOMC meeting. Commodities generally maintained their recent strength as US oil inventories were bullish. Focus in equities, besides on the Fed, was also on incoming reports from market giant Tesla yesterday and Apple today among other marquee names. This and more in today's pod, which features Peter Garnry on equities, Ole Hansen on commodities, and John J. Hardy hosting and on FX.
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Quarterly Outlook Q2 2022
Quarterly Outlook Q2 2022: The End Game has arrived
- Shocks from covid and the war in Ukraine have forced the global financial and political world to change, but what will the end game be?
Productivity and innovation have never been more importantAs the world economy hits physical limits and central banks tighten their belts, could equities be facing a 10-15% downside?
The great EUR recovery and the difficulty of trading itIf the terrible fog of war hopefully lifts soon, the conditions are promising for the euro to reprice significantly higher.
Tight commodity markets – turbocharged by war and sanctionsWith supply already tight, commodities keep powering on. But will it last for yet another quarter?
Between a rock and a hard placeGeopolitical concerns will add upward price pressures and fears of slower growth, while volatility will remain elevated.
The Great ErosionInflation is everywhere and central banks try to combat it. But will they get it under control in time?
Australian investing: Six considerations amid triple Rs: rising rates, record inflation and likely recessionWhile global financial markets are struggling in an uncertain world, the commodity-heavy Australian ASX index is poised to keep a positive momentum.
Cybersecurity – the rush to catch up with realityWith the invasion of Ukraine, governments and private companies are rushing to reinforce their cyber defenses.