Bond yields rose on Monday after a surprise move by Saudi Arabia and its allies to cut oil production, further stoking fears on inflation.
What’s happeningWhat’s driving markets After seeing yields drop on a slower-than-forecast rise in core inflation on Friday, the newsflow reversed itself after announced production cuts of more than 1 million barrels per day of oil, starting in May.What’s happening What’s driving markets After seeing yields drop on a slower-than-forecast rise in core inflation on Friday, the newsflow reversed itself after announced production cuts of more than 1 million barrels per day of oil, starting in May.
“The softer core PCE metric fueled hopes that inflation is finally losing its kick, but the move from OPEC dealt a heavy blow to these expectations, signaling that the inflation battle has not been won yet,” said Marios Hadjikyriacos, senior investment analyst at XM. There’s also key data set for release on Monday as the Institute for Supply Management’s manufacturing index is due at 10 a.m. Eastern.
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