European Central Bank policy makers, led by President Christine Lagarde, are said to be ready to consider doubling the size of their next rate increase, to 50 basis points, given Europe’s worsening inflation.
A dearth of any meaningful U.S. economic data over the next few days has shifted Wall Street’s focus away from inflation and recession prospects and toward someone else’s problems: namely, Europe’s.
Financial markets were readjusting to the focus on Europe in a number of different ways on Tuesday. Treasury yields moved higher mostly in conjunction with their counterparts in Germany, the U.K. and France, one trader said. The dollar, which soared to almost 20-year highs earlier this month, has started to ease up. The ICE U.S. Dollar Index DXY, -0.08% was down 0.6% on the day, while the euro EURUSD, +0.
After the annual U.S. inflation rate came in at 9.1% for June and traders pulled back on expectations for a full point rate hike by the Federal Reserve on July 27, “it seems like we’re reaching this point where markets are a little more comfortable with the idea that the Fed may start to ease policy just after it stops hiking rates to around 3.5%, because the U.S. will likely be in recession by then,” Issa said. “The market is basically looking through that 9.1% reading.
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