A look at the day ahead in U.S. and global markets from Mike Dolan
faced down persistent speculation of a sudden tightening of its ultra-loose monetary stance, with new Governor Kazuo Ueda opting instead for a broad review on how to phase out the policy.
Keeping BOJ bond-buying alive for the time being despite another rise in Japanese inflation, the news followed rearview mirror readouts from the United States and Europe on how gross domestic product unfolded in the first quarter.slowed more than forecast to an annualised 1.1%, that was mainly due to a big rundown in inventories untypical of an economy fearful of recession and it masked an acceleration in consumer spending during the quarter.
The net result of the blizzard of incoming economic and earnings news, a stock market jump and the U.S. debt ceiling standoff has seen a sharp back-up in bond yields. Two-year U.S. Treasury yields are back above 4%, even though they're off Thursday's highs ahead of the U.S. market open today and next week's Federal Reserve policy decision.With the Fed meeting in view, the release of March PCE price inflation data later on Friday tops the diary. Big Oil tops the earnings calendar.
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