The pivot from the RBA is being taken as a signal that the Fed could be closer to the end of the line that believed. The terminal rate for March sits at 4.43% in the Fed funds futures market while there's a bid in bonds again today.
Economic data today will all come at 10 am ET and includes factory orders, new car sales and JOLTS. I believe the job opening numbers are skewed by automated always-hiring practices at large corporations so it's new car sales that I'll be watching most-closely. The consensus is 2.90m but high interest rates could pinch demand.
Fed speakers today
- 9:00 am ET Logan
- 9:00 am ET Williams
- 9:15 am ET Mester
- 11:45 am ET Jefferson
- 13:00 am ET Daly
