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The S&P 500 hit a new record high on Wednesday, while Treasuries continued to sell off after President Trump announced the tax plan framework, giving the dollar another boost against its major counterparts.
The struggling greenback has finally found a lifeline after the Federal Reserve maintained its intention to raise interest rates in 2017 and begin the process of trimming the balance sheet.
Sterling bulls were installed with fresh inspiration during Wednesday’s trading session after UK retail sales smashed market expectations by rising 1.0% in August.
Economic projections and Yellen speech eyed for rate hike clues; will balance sheet reduction plans finally impact yields? UK retail sales exceed expectations but GBP rally short-lived.
The dollar’s weakness and a surge in safe havens were the central themes in the markets last week.
The Jackson Hole Symposium is this week's most anticipated event, in part due to a severe lack of other newsworthy market stories but also because two very important central bankers are scheduled to appear.
Central banks around the globe have been increasingly vocal this year, with their trend of repeated verbal interventions sending foreign exchange markets on a wild roller-coaster ride.
A joint meeting of the Federal Open Market Committee and the Board of Governors was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, July 25, 2017, at 1:00 p.m. and continued on Wednesday, July 26, 2017, at 9:00 a.m.
Developments in the last 48 hours have finally given dollar bulls much-needed motivation to send the greenback higher.
The latest "saber rattling" surrounding nuclear tensions between the U.S. and North Korea continues to dominate the headlines, and some level of concern about the situation is certainly justified. While we still expect cooler heads to prevail, there's certainly an elevated risk that a miscalculation or miscommunication on either side could lead to disaster.