A look at the day ahead in U.S. and global markets from Mike Dolan
, Shanghai markets underperformed on Monday and the yuan hit its lowest for the year against a resurgent dollar.in parallel to its existing $85 billion Asia credit index, two sources said, amid growing geopolitical tensions and dimming appetite for Chinese property bonds.
The new U.S. interest rate horizon remains jarring, however. The implied Federal funds target rate is now 5.42% by July - some 75 basis points higher than at present - and futures markets pencil in rates as high as 5.30% at yearend.British bank NatWest said it now expects the Fed to raise rates by 50 bps at its March meeting and joined others in expecting 25 bp hikes at May and June meetings too, taking the "terminal rate" to 5.75% - half a point higher than it previously thought.
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