The yield on the benchmark 10-year Treasury note touched 2.91%, reaching levels not seen since late 2018. As discussed in the previous post, 3% 10-year yields are coming very fast.
St. Louis Fed president James Bullard told CNBC’s Steve Liesman on Monday that “quite a bit has been priced in” in terms of Fed actions but that he is open to 75 bps hikes. Well, not too surprised from the most hawkish Fed speaker.
It is the talk du jour.
On another note, IMF lowers 2022 global GDP forecast to 3.6% from 4.4%.
- 2023 GDP lowered to 3.6% from 3.8%
- Warns that rising food and fuel prices could ‘significantly increase’ risk of unrest
- Downgrade reflects war’s direct impact on Russia, global spillovers and elevated inflation ‘for much longer’
- Global GDP seen moderating to about 3.3% over the medium term
- Inflation is projected at 5.7% in advanced economies, 1.8 pp higher than January forecast
Before the open on April 19, 2022, futures are down after being up at some point last night.