Aviso Weekly Market Pulse: April 4th-8th

Apr 11, 2022

Market developments

Equities:
Stocks declined following hawkish Fed meeting minutes, which highlighted the urgency of moving monetary policy “towards a neutral posture expeditiously.” The minutes confirmed Fed appetite for a 50 basis-point hike, which was only avoided at their last meeting due to uncertainties tied to the Russia-Ukraine war. Markets are now pricing in as many as 9 more hikes for the year.

Fixed income:
Yields rose sharply following the aggressive Fed minutes. The Bank of Canada will meet this week, with markets expecting a 50 basis-point hike. Canadian inflation continues to rise and the unemployment rate is at a record low. The European Central Bank will also meet, which could provide more insight on timing of its asset purchase wind-down.

Commodities:
Oil prices declined for a second week as the International Energy Agency’s member countries agreed on a coordinated release of reserves, following the record release announced by the U.S. just the previous week.

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