Markets could see major moves this week
A critical inflation report this week will test a stock market already consumed by worries over Federal Reserve hawkishness and potential fallout from the largest bank failure since the financial crisis.
“There is uncertainty revolving around the inflation report and there is a lot of confusion caused by SVB’s failure and worry that it might be a bigger problem,” said Robert Pavlik, senior portfolio manager at Dakota Wealth. “The market is dealing with confusion and uncertainty in a very short time frame.”
Traders were on guard for signs of contagion in the financial sector and beyond in the wake of troubles for SVB and crypto-focused Silvergate, which this week disclosed plans to wind down operations and voluntarily liquidate. Late on Friday, yields on two-year U.S. Treasuries, which closely follow Fed policy expectations, were on track for their biggest two-day basis-point drop since September 2008.
While moderation of annual inflation from a peak of 9% last year to current levels was the “easy move,” going from 6% to 3% will be more difficult, said John Lynch, chief investment officer for Comerica Wealth Management.
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