Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Global Head of Macro Strategy
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Morning Brew December 20 2022
Erik Schafhauser
Senior Relationship Manager
Summary: BoJ Spooks markets
Good Morning,
This morning The Bank of Japan – which had been widely expected to be boring as usual – caused traders on the wrong foot allowing the 10-year bond yield to move 50 basis points either side of its 0% target, wider than the previous 25 basis point band. The Yen rose significantly against he USD USDJPY fell from 137.50 to 133
Stocks fell on the news, GER 40 trades as low as 13700 before recovering to 13830.
Yesterday US yields jumped higher and equities remained under pressure, the 10 Year Yield rose to 3.7% and indexes fell, the Dow by 0.49%, the S&P by 0.90%, and the Nasdaq by 1.49%
EURUSD is trading at 1.06, GBPUSD at 1.2150 and Gold and silver remain strong at 1794 and 23.15.
The market seems wary of surprises and prone to jump on news as we saw this morning.
Tuesday 20 December
- China Loan Prime rate 1Y/5Y
- Germany PPI (Nov)
- Japan BOJ Interest Rate Decision
- US Housing data
Wednesday 21 December
- US consumer confidence
- Canada CPI
Thursday 22 December
- UK GDP (Q3 F)
- US Initial jobless claims (Dec 17) and 3Q GDP Final
Friday 23 December
- Japan CPI inflation
US Durable goods orders
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