All quiet for Presidents Day
US shares and bond yields fell on Friday. Have they peaked? NAB’s Tapas Strickland says it could just be short covering ahead of the long weekend.
NAB Morning Call · NAB - The Morning Call
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Monday 20th February 2023
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Expect a quiet trading day today with the US enjoying Presidents Day and not much in the way of data releases. Still, as NAB’s Tapas Strickland points out, there’s plenty to look out for later in the week, including the RBNZ’s expected 50 bp rate hike, January’s global PMI numbers, Australian wages and the Fed’s preferred inflation measure. In the meantime, the question is, have yields peaked? Friday saw 10-year Treasury yields pull back a little, although 2 years are clinging to 4.6% and six month treasury notes sat above 5% for most of the day.
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