MILANO – Weak markets in the aftermath of the meeting Federal Reserve which raised the prospects for US growth and inflation, anticipating the prospect of a rate hike with two moves expected now in 2023. On prices, the Fed expects them to rise 3.4% this year (a significant increase in the estimate of March which was 2.4%) but continues to believe that it is a temporary dynamic, so much so that for 2022 and 2023 the revision was only 0.1 percentage points to 2.1 and 2.2% respectively. Indications that have pushed US Treasury yields up to 10 basis points, as the Fed’s projections are “more aggressive than most market participants expected,” to quote Wells Fargo’s Zachary Griffiths.
European trade futures are down, as are Wall Street futures, while the MSCI Asia index has set course for its worst session in a month. Contrasted the main lists of the area: Tokyo moves back by 1.03% e Only by 0.04%, while the Chinese stock exchanges rose after three negative closings. Hong Kong advances by 0.1% e Shanghai of 0.02%.
Among the notes expected by Jerome Powell, also the fact that among the US governors there has been talk of slowing down the pace of bond purchases of the American Quantitative easing: it is the prospect of tapering that in 2013 caused government bonds to depreciate rapidly.
On the currency front, the outlook indicated by the American Central Bank has strengthened the dollar: theeuro opens below 1.2 dollars. This, in turn, made the barrel of Petroleum – denominated precisely in dollars – and on the Asian markets futures on Light crude Wti dropped 0.26% to 71.96 dollars and those on Brent 0.3% to 74.17 dollars. Losses are limited, however, due to the sharp decline in weekly US oil stocks.