Aviso Weekly Market Pulse: March 20th-25th

Market developments

Equities:

Equity markets continued to rise, remaining resilient in the face of several U.S. Federal Reserve officials giving hawkish signals. Fed Chairman Jerome Powell stressed that “price stability is essential if we are going to have another sustained period of strong labour market conditions” and was generally unconcerned about the possibility of a recession. Instead, Fed speakers touted the possibility of 50-basis-point hikes in the central bank’s meetings to come as it looks to curb inflation.

Fixed income:
Yields rose sharply on the hawkish Fed statements. Canadian, U.S., and German 10-year yields are now substantially higher than pre-COVID levels as central banks globally have shifted their stance towards tightening policy and containing inflation.

Commodities:
Oil prices rose as the Russia-Ukraine war carried on. There was also a reported attack on Aramco’s facilities, further heightening supply concerns.

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