A look at the day ahead in U.S. and global markets from Mike Dolan.
Markets breathed a collective sigh of relief that Tuesday's first 2023 outing from Federal Reserve chairman Jerome Powell sidestepped any signal on policy rates and that he didn't double down on more hawkish messages from his colleagues the day before.instead riffed on central bank independence from political influence and how the Fed should stay out of issues like climate change that are beyond its congressionally established mandate.
Stocks around the world were higher on Wednesday, with Wall St futures marginally positive ahead of the open there. Ten-year Treasury yields ticked lower ahead of an auction of new paper later on Wednesday and the dollar was flat. It now sees global GDP growing 1.7% next year, the third worst outcome in 30 years and only eclipsed over that period by the slump in 2009 after the global banking crash and the pandemic shock in 2020. Its previous forecast from June had put 2023 growth at 3.0%.
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