S&P500 Futures fade corrective bounce, yields retreat as US debt ceiling deal is still absent – by anilpanchal7 SP500 Futures RiskAversion YieldCurve Fed
US policymakers’ inability to clinch a deal on the US debt ceiling extension contrasts with the chatters suggesting a $70.0 billion gap left to be filled by the negotiators to get the much-awaited deal. Recently, US House Speaker Kevin McCarthy announced no agreement on the debt deal, as well as the continuation of talks by saying, “It’s hard. But we’re working and we’re going to continue to work until we get this done.
It should be noted that the US Treasury Department keeps flagging recession woes if the policymakers fail to reach a deal on the US debt ceiling extension before June.. On Thursday, the second estimation of the US Annualized Gross Domestic Product for Q1 2023 was revised up to 1.3% versus 1.0% first forecasts. Further, the Chicago Fed National Activity Index for April improved to 0.07 from -0.37 prior and -0.02 market estimations.
Even so, mixed comments from the Fed policymakers prod the hawkish bias about the US central bank and defend the risk profile. In his latest speech, Richmond Fed President Thomas Barkin said, “Fed is in a test and learn situation to determine how slowing demand lowers inflation.” On the different front, Boston Federal Reserve President Susan Collins said on Thursday that the Fed "may be at or near" the time to pause interest rate increases, as reported by Reuters.
Looking forward, US debt ceiling negotiations will be crucial to gauge the market moves while the US Durable Goods Orders for April and the Core Personal Consumption Expenditure Price Index for the said month, known as the Fed’s preferred inflation gauge, can also entertain the traders.
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