Thursday 24th March 2022Bond yields have come back a fair bit today. NAB’s Gavin Friend says it’s just a recalibration after the massive hikes we’ve seen over recent days. The tone from the FOMC certainly hasn’t changed. Meanwhile oil prices have risen sharply, in part because President Putin has threatened that Europe should pay for gas in Rubles, rather than dollars or Euros. If it’s an attempt to get the West to roll back on sanctions he might be disappointed, with Biden meeting with the EC, NATO and G7 over the next day or two, where the one question on everyone’s mind will be, “what do we do next?” And for an early sign of the impact of the war on Europe, the UK and USA, flash PMIs are out later on.
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