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14th October 2022 Market Updates

FPG Fortune Prime Global Overnight headlines 

Overnight headlines 

Treasury yields dropped from highs as investors evaluated the effect of the most recent high inflation report on the Federal Reserve’s policy course, sending US stocks plunging before recovering. 

From session lows, the S&P 500 staged a strong recovery, with gains spreading to seven of the benchmark’s 11 sectors. Prior to falling back, the yield on policy-sensitive two-year notes soared above 4.5%. 

Last month, the consumer price index reached a 40-year high, making it inevitable that the Fed will raise interest rates significantly in November. As the central bank tightened policies to combat inflation, stocks fell more than 25% this year, leaving investors to assess the damage that has still to be done to share values. 

Rate market predictions now tilt towards consecutive 75 basis-point increases at the following two Fed meetings. They now anticipate that the central bank will raise rates over 4.85% before the tightening cycle is through. 3.25 percent is the current rate. 

As the Fed loses patience and raises rates even higher than the markets anticipated, today’s explosive inflation report pushes the economy closer than ever to a recession next year. 

 

Market movements 

  • AUD up 0.4% to US63.03
  • Bitcoin increased 1.3% to US$19,361
  • Dow +2.8% S&P 500 +2.1% NAV + 2.0%
  • Gold fell by 0.3% to US$1667.57 per ounce
  • Brent oil increased by 2.4% to $94.68 per barrel
  • At $US94.20 per tonne, iron ore is down 2.3%

 

Today’s agenda 

US retail sales in September. 

Annual meetings of the World Bank and International Monetary Fund are held in Washington. 

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