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Federal Reserve Chair Jerome Powell said he thinks it's rather "likely" that the forces of de-globalization will mount, leading to a more fractionalized new normal characterized by higher inflationary pressures, lower productivity, and slower economic growth.
Wall Street's main indexes opened sharply lower on Monday amid a broader risk-off sentiment that also saw cryptocurrencies take a beating, while the benchmark S&P 500 fell into a bear market intraday as a higher-than-expected inflation print last week raised bets the Fed would tighten faster and further to quell price pressures.
The U.S. financial markets are bracing for a more aggressive Federal Reserve and a deeper economic downturn following the latest inflation data.
On the buy-side, weakness, outflows, supply issues, and poor liquidity are making life challenging for municipal bond investors. The same could be said for issuers.
Former prime minister Kevin Rudd says that Labor is taking nothing for granted, despite the polls predicting a majority election victory as he campaigned in Melbourne’s inner-city Liberal seat of Higgins.